The FCA has used its powers to inspect sites in Exeter, Nottingham and Sheffield suspected of hosting illegally operated crypto ATMs, as part of a continued crackdown on this illicit sector. The inspections were part of a joint operation with the South West Regional Organised Crime Unit, Yorkshire and Humber Regional Organised Crime Unit and...
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FCA publishes Decision Notices for Banque Havilland SA and three of its former employees
The FCA has decided to fine Banque Havilland £10m; its former London branch CEO, Edmund Rowland, £352,000; David Weller, a former London branch senior manager, £54,000; and Vladimir Bolelyy, a former London branch employee, £14,200. The FCA has decided to ban all 3 individuals from working in financial services. The FCA considers that between September...
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ASIC updates the implementation timeframe for the internal dispute resolution data reporting framework
ASIC has updated the implementation timeframe of the internal dispute resolution (IDR) data reporting framework to support smooth implementation of this important reform for firms reporting their IDR data for the first time. ASIC has further staged the implementation for the 8,600 reporting firms, which will result in all financial firms reporting their customer complaints...
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FCA sets out steps to improve whistleblower confidence
The Financial Conduct Authority (FCA) is today setting out actions to improve the confidence of whistleblowers – including sharing further information with whistleblowers on how it’s acted on their information; improving the use of information provided by whistleblowers; and improving how it captures information from whistleblowers. This follows a qualitative survey of whistleblowers who had...
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Improvements to equity secondary markets
The changes are part of the Wholesale Markets Review, which we have been conducting alongside government. We are tailoring our rules to better suit UK markets and to promote competition and growth. We previously consulted on rule changes for secondary markets, including on the transparency regime for equity markets. They will: enhance the quality of...
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FCA proposes to simplify rules to help encourage companies to list in the UK
The FCA wants to make the listing regime, the rules companies must follow to be allowed to list their shares in the UK, more effective, easier to understand and more competitive. The FCA has been acting to improve the UK’s position for years. Within months of leaving the European Union, 2 years ago, the FCA...
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Gabriel Govinda sentenced to two and a half years imprisonment and fined for market manipulation and finfluencer conduct
Gabriel Govinda (known online as ‘Fibonarchery’) has been sentenced to two and a half years imprisonment to be released immediately on a 5 year recognisance in the amount of $5,000 and fined $42,840 after pleading guilty to 23 charges of manipulation of shares listed on the Australian Securities Exchange and 19 charges of illegal dissemination...
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ASIC calls on investment product issuers to ‘lift their game’ on design and distribution obligations
ASIC today called on investment product issuers to ‘lift their game’ after an initial review found significant room for improvement in how they meet their design and distribution obligations (DDO). The DDO, now into its second year, marks a significant shift to outcomes-based regulation. Ultimately, it requires financial products to be designed and distributed with...
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Ord Minnett Limited Ltd ACN 002 733 048 pays $888,000 infringement notice
Ord Minnett Limited Ltd ACN 002 733 048 (Ord Minnett) has paid a penalty of $888,000 to comply with an infringement notice given by the Markets Disciplinary Panel (MDP). On 1 September 2021, Ord Minnett received instructions to commence a buy-back on behalf of AWN Holdings Ltd (AWN). The MDP had reasonable grounds to consider...
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ESMA recognises four new Third Country CCPs
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has recognised four additional third country CCPs (TC-CCPs) under Article 25 of the European Market Infrastructure Regulation (EMIR), bringing the total number of TC-CCPs recognised by ESMA to 39. The newly recognised TC-CCPs are: Bursa Malaysia Derivatives Clearing Berhad (Malaysia); Taiwan...
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