The Hong Kong (HK) Securities and Futures Commission (SFC) has announced that it has fined Credit Suisse Securities (Hong Kong) Ltd (Credit Suisse) HK$1.6 million for three instances of holdings of "open positions in Industrial and Commercial Bank of China [Ltd] in breach of the prescribed position limit of 50,000 contracts" in 2011.
The United States (US) Financial Stability Oversight Council (FSOC) has proposed that a group of non-bank firms including "systemically important" insurers, hedge funds, mutual fund companies and private equity firms be subject to greater government oversight, including requirements to increase their cushion against losses, limit use of borrowed money and submit to regulatory inspections.
The United Stated (US) Commodity Futures Trading Commission (CFTC) has announced that it has issued an order "filing and simultaneously settling charges against FCStone LLC [FCStone]", a futures commission merchant (FCM), for "failing to diligently supervise its officers and employees relating to its business as an FCM in violation of Commission Regulation 166.3, 17 CFR § 166.3 (2008)".
The United States (US) Financial Industry Regulatory Authority (FINRA) has announced fines totalling US$2.15 million for Wells Fargo, LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, and ordered the firms to pay over US$3 million in restitution to customers for "losses incurred from unsuitable sales of floating-rate bank loan funds".
The Australian Securities and Investment Commission (ASIC) has announced that Merrill Lynch Equities (Australia) Limited (Merrill Lynch) has paid a A$120,000 infringement notice penalty in relation to its failure to ensure that it had implemented "organisational and technical resources for its system for the automated processing of orders" and "processes to record any changes to the filters to enable automated orders to be submitted into the [Australian Stock Exchange's (ASX)] trading facility", in breach of the ASIC Market Integrity Rules (ASX) 2010 and the Corporations Act 2001 No. 50 (Cth).
The European Parliament (EP) has announced that an EP plenary session held on 21 May 2013 has seen EP members show broad support for a proposal to establish the European Central Bank as the single bank supervisor for the European Union (EU), while reservations were expressed for the following "key concerns":
The European Banking Authority (EBA) has made available EBA Consultation Paper 2013/11 (21 May 2013) (the consultation paper) regarding draft regulatory technical standards (the proposed standards) on defining institutional staff types whose activities have a material impact on an institution's risk profile.
The United States (US) Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations (the Subcommittee) has made available Apple Inc's (Apple) testimony, delivered in the Subcommittee's hearing Offshore Profit Shifting and the US Tax Code - Part 2 (Apple Inc.) on 21 May 2013. Through the hearing, the Subcommittee "continued its examination of the structures and methods employed by multinational corporations to shift profits offshore and how such activities are affected by the [Internal Revenue Code] and related regulations".
The United Kingdom (UK) treasury department HM Treasury has made available a statement (undated) by the UK and 16 other European Union (EU) member states on the Pilot Multilateral Automatic Information Exchange Facility, calling for "a single global Standard for automatic exchange of information" and the development of a pilot of multilateral automatic information exchange based on agreements currently being signed by a number of countries with the United States to implement the Foreign Account Tax Compliance Act.
Earlier this week, Judge Richard Sullivan sentenced former hedge fund manager and a founder of Level Global Investors Anthony Chiasson to six and a half years in prison, imposing one of the harshest penalties yet in the U.S. government’s efforts to rid Wall Street of insider trading. Chiasson was also ordered to pay $5 million in fines and must also give back as much as $2 million in illegally obtained proceeds. Chiasson could have received up to ten years in prison which was the recommendation under U.S. federal guidelines based on the profits that Level Global Investors earned on the improper trades.
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