Monthly Archives: June 2017

Hong Kong – Substantial Shareholding Electronic Filing Effective 3 July

As previously reported on 5 May, the Hong Kong Securities and Futures Commission (SFC)  published new disclosure forms for substantial shareholding notifications, to be used from 3 July 2017 when mandatory electronic filing takes effect. For events triggering disclosure requirements which occur on or after 3 July 2017, notifications must be filed electronically to SEHK…
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U.S. CFTC Cotton Futures Fine

On 27 June, CFTC fined company $225k on cotton trading reports. Ordered Hong Kong-Based Huafu HK to Pay $225,000 for reporting violations. Followed CFTC May 2013 guidance on reporting requirements over call cotton. Company did not report call cotton purchases and sales, when it held futures. Alleged Violations Did not adopt internal controls reasonably designed to…
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U.S. SEC Fines ITG ADR Violation

On 22 June 2017, SEC fined ex- ITG managing director $100k re ADR oversight. Anthony Portelli, ex-head of operations, agreed to settle charges, pay $100k fine. He is also prohibited from acting in a supervisory capacity for at least 18 months. Supervised securities lending, and compliance with ADR pre-release agreements. Staff failed to take steps…
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U.S. CFTC Issues Fines for Exceeding Position Limits

On 21 June CFTC issued order for live cattle futures manipulation. McVean Trading, Investment, Charles McVean; Michael Wharton; Samuel Gilmore. Defendants used manipulative/deceptive devices, exceeded futures position limits. Secretly used cattle feed yards as straw buyers for hundreds of long live contacts. Injected false information into market, had potential to affect cattle futures market. Order…
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