The New York State Office of the Attorney General (OAG) has announced that major news distribution and reporting company Marketwired has agreed to stop selling "information that Marketwired distributes on behalf of clients" to high-frequency traders in direct feeds. According to the OAG, high-frequency trading firms had been able to "take advantage of the sub-second difference between the time when Marketwired released information directly to its subscribers and the time when various news aggregators were able to receive and deliver that information to the broader market".
The Australian Securities and Investments Commission (ASIC) has released Report 386 - ASIC supervision of markets and participants: July to December 2013 (March 2014), which "summarises key operational statistics and outcomes of ASIC's market and participant supervisory functions in relation to [Australian market licensees] for the period 1 July  to 31 December 2013".
The Hong Kong (HK) Securities and Futures Commission (SFC) has announced that former CITIC Pacific Ltd (CITIC Pacific) finance assistant director Simon Chui Wing Nin has pleaded guilty to "two counts of insider dealing in the shares of CITIC Pacific", and has been sentenced to nine months' imprisonment and fined HK$612,000.
The Australian Securities and Investments Commission (ASIC) has released Report 383 - ASIC enforcement outcomes: July to December 2013 (January 2014), which outlines enforcement outcomes achieved by ASIC between 1 July - 31 December 2013. In that period, ASIC achieved 340 enforcement outcomes, including criminal, civil and administrative actions, as well as negotiated outcomes such as enforceable undertakings.
The United States (US) Financial Industry Regulatory Authority (FINRA) has announced that it has barred two brokers "from the securities industry for their roles in an insider trading scheme". FINRA's Complaint (17 May 2013) alleges that JPMorgan Securities conflicts office vice president David Gutman and former Meyers Associates registered representative Christopher Tyndall took part in "a massive, serial insider trading scheme that generated more than [US]$9 million in profits by persons who traded in advance of the public announcements of 15 corporate mergers and acquisitions".
The Hong Kong (HK) Securities and Futures Commission (SFC) has made available Towards better corporate governance (12 December 2013), a speech delivered by SFC chairperson Carlson Tong at the Chamber of Hong Kong Listed Companies 11th anniversary gala dinner.
The Hong Kong (HK) Securities and Futures Commission (SFC) has announced that the Court has ordered former Morgan Stanley Asia Ltd managing director Du Jun to pay 297 investors a total of HK$23.9 million (approximately US$3.1 million/€2.2 million) in restitution "as a result of his insider dealing in shares" over a two-and-a-half-month period in 2007.
The Australian Securities and Investments Commission (ASIC) has announced that the Perth District Court has convicted former commercial analyst David Luong of one count of insider trading and fined him A$30,000. ASIC stated that Mr Luong has also agreed to a pecuniary penalty order under the Proceeds of Crime Act 2002 No. 85 (Cth) in the amount of A$15,002.94, "reflect[ing] his profit from the offence".
The Australian Securities and Investments Commission (ASIC) has announced that resources company UCL Resources Ltd (UCL) former chief executive officer (CEO) Christopher Jordinson has pleaded guilty to insider trading.
At the beginning of the year, I posted a blog about “Some Resolutions to Consider.”
Second on my list of three was a reminder not to forget about Insider Trading. I mentioned how Insider Trading was really the impetus of corporate compliance in a way…but it had somewhat fallen off the radar in terms of imminent training priorities for many corporate compliance programs. As much as I would like to take credit for having such foresight, the bottom line was that there was quite a bit of buzz at the end of 2012, warning that we should expect to see Hedge Funds and Investment Firms come under close scrutiny.