PERKINS, A FORMER OIL FUTURES BROKER, FINED AND BANNED BY FSA

The Financial Services Authority (FSA) has imposed a fine of ₤72,000 against Steven Noel Perkins for market abuse. The agency also has banned Perkins from working in the financial services industry for his impropriety for a minimum of 5 years. Perkins, a former employee of PVM Oil Futures Ltd., used to...

FSA & FRC DISCUSSION PAPER ON WAYS TO ENHANCE AUDITOR’S CONTRIBUTION TO REGULATION OUT

The Discussion Paper made possible by the joint efforts of Financial Services Authority (FSA) and Financial Reporting Council (FRC) is out for distribution today. The Paper tackles ways on how auditors can contribute more on prudential regulation following the financial crisis. First, the Paper explores the...

CFTC Issues an Exemption to Bursa Malaysia Derivatives Bhd Permitting U.S. Customers to Deal Directly with Malaysian Brokers

The CFTC issued an order to Bursa Malaysia Derivatives Bhd (Bursa Malaysia) permitting designated Bursa Malaysia members to solicit and accept orders and funds directly from U.S. customers for trading on that exchange without having to register as FCMs.  Similar exemptions have been granted to other foreign...

CFTC Denies OCC Rule Amendment

The Options Clearing Corporation (OCC) submitted a rule amendment, which the CFTC rejected with a notice of non-approval.  The proposed amendment would have treated foreign currency contracts, where the exercise price is fixed at a nominal amount, as securities options.  The CFTC found that the contracts...

DCIO publishes an advisory on foreign security futures products

The CFTC’s Division of Clearing and Intermediary Oversight (DCIO) published an Advisory clarifying the extent to which certain sophisticated customers located in the U.S. may transact in foreign security futures products (FSFPs). The Advisory is intended to address questions raised by members of the public...

LSA ACTION: JP Morgan Securities Ltd

The FSA fined J P Morgan Securities Ltd £33.32 million for failing to protect client money by segregating it appropriately. Under the FSA’s client money rules, firms are required to keep client money separate from the firm’s money in segregated accounts with trust status.  This helps to protect...