Enforcement

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Global Head of FX Cash Trading arrested for front-running and charged with criminal fraud

The U.S. Department of Justice has published a statement with regard to the arrest of  a senior investment banker at JFK airport in relation to allegations of criminal fraud. The head of global foreign exchange cash trading at HSBC Bank plc, a subsidiary of HSBC Holdings plc (collectively HSBC), and HSBC’s former head of foreign exchange cash …

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FCA fines Non-Executive Director for insider dealing and improper disclosure

The FCA has today fined Gavin Breeze £59,557 for engaging in market abuse in the form of insider dealing and has also publicly censured him for improper disclosure. The FCA found that Mr Breeze, who holds several directorships of private companies and is also a Non-Executive Director of one AIM listed business, attempted to sell …

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FCA updates penalties manual and enforcement guide for Market Abuse Regulation

The FCA today published PS16/18: Changes to the Decision Procedure and Penalties manual and the Enforcement Guide for the implementation of the Market Abuse Regulation. In this Policy Statement the FCA summarises the feedback it received to Consultation Paper 16/13, Changes to the Decision Procedure and Penalties Manual and the Enforcement Guide for the implementation of the Market Abuse …

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Former equities trader sentenced for insider dealing to 2 years prison

The FCA today published a statement regarding a former equities trader at Schroders Investment Management being sentenced for insider dealing. The trader, Damian Clarke, has been sentenced to two years imprisonment having pleaded guilty to nine counts of insider dealing. Between August 2000 and January 2013, Mr Clarke was employed initially as an assistant fund manager …

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Singapore regulator shuts down Swiss bank

The Monetary Authority of Singapore (MAS) announced today that it has served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank’s operations, and gross misconduct by some of the bank’s staff. In addition, …

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The FCA bans former compliance officer

The Financial Conduct Authority (FCA) has banned Mr Peter Johnson, former compliance officer of Keydata Investment Services Ltd (Keydata), from performing any function in relation to any regulated financial activity and publicly censured him.  Were it not for Mr Johnson’s serious financial hardship, the FCA would have fined him £200,000. The FCA has found that Mr …

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FCA fines and bans financial adviser for insider dealing

The Financial Conduct Authority (FCA) has today fined Mark Taylor, a financial adviser, £36,285 and banned him for a period of at least two years for engaging in market abuse. The FCA found that Mr Taylor, an experienced financial adviser who had worked at Towry Limited for 2.5 years, bought shares in another firm, Ashcourt …

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New HM Treasury office to help with financial sanctions compliance

The FCA today published a statement regarding the setup of the Office of Financial Sanctions Implementation  to help UK businesses comply with financial sanctions. On 31 March the Government announced the Office of Financial Sanctions Implementation (OFSI) has been created within HM Treasury. The Government says that OFSI will provide a high-quality service to the private sector, …

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PRA publishes April regulatory digest

The Prudential Regulation Authority (PRA) today published a regulatory digest for the month of March. The digest is for people interested in the UK financial services industry and highlights key regulatory news and publications delivered for the month. This months top news and publications include: Appointment of new Deputy Governor for Prudential Regulation Solvency II: Remuneration requirements – CP13/16 Financial Conduct Authority and Prudential Regulation Authority jointly publish …

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FCA consults on enforcement of MAR

The FCA has published the consultation paper “CP16/13: Changes to the Decision Procedure and Penalties Manual and the Enforcement Guide for the implementation of the Market Abuse Regulation”. In November 2015 the FCA published CP15/35, on its policy proposals and Handbook changes related to the implementation of the Market Abuse Regulation (EU MAR), and CP15/38, on …

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