The Eastern Magistrates Court of Hong Kong has convicted Investment fund promoter, Ms Kwok Sau Ping, for issuing documents in relation to a collective investment scheme without the authorization of the Securities and Futures Commission (SFC) and not disclosing interests in listed securities on time. Acting...
The Securities and Futures Commission (SFC) has reprimanded MY Securities Limited (MY Securities) and fined it $450,000 for breaching the Securities and Futures (Financial Resources) Rules (Note 1). The SFC found that MY Securities had a liquid capital deficiency on a total of five business days during the...
The Financial Services Authority (FSA) has imposed a ban against Paul Cable, director of Media and Entertainment Insurance Services Ltd., and even canceled the firm’s permission to undertake any regulated activity. Cable, the firm’s only FSA approved person, arranged two insurance contracts for a...
In his keynote speech at the conference on values and trust today, the Financial Services Authority (FSA) chief executive, Hector Sants, emphasized the important roles of regulators in facilitating the right culture within firms. According to Sants, the right culture “encourages individuals to make...
FSA’s CONSULTATION PAPER ON COMPLAINT HANDLING OUT (30 September 2010) The Financial Services Authority (FSA) has published today its proposed changes to the current rules on the handling of complaints within the industry. The agency aims to drive up the standards so that all complaints will be...
The Financial Services Authority (FSA) has found Fabio Massimo De Biase, a former cash equities broker at TFS Derivatives Ltd., to have acted without integrity in his dealings with Anjam Ahmad, a hedge fund trader at AKO Capital LLP. TFS used to pay De Biase a portion of the commission revenue he generated...
The Financial Services Authority (FSA) has cancelled Hygeia Mortgages and Finance Ltd.’s permission to undertake regulated activities and has fined David Roberts, sole director of A-Z Mortgages Ltd., in the amount of ₤14,000 for failing to be open and cooperative with the agency in their security...
The Financial Services Authority (FSA) issues today a Consultation Paper (CP) which tackles its suggestions on how auditor reports on client assets can be improved. In identifying the possible solutions, the Paper first identifies material failings and weaknesses in most auditor reports. The so-called...
The Financial Services Authority (FSA) fines one firm and two individuals in relation to their sale of Lehman-backed structured products between November 2007 and August 2008. It finds Dundee-based law firm, Thortons Law LLP (Thortons) to have failed to give suitable advice to its customers of the nature and...
Lord Turner, the Financial Services Authority (FSA) Chairman, expresses positive sentiments on the package of capital and liquidity reforms reached in Basel III conference. In his speech at the Mansion House tonight, he asseverated that an effective regulatory response to the recent financial crisis needs...
