In The News

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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Germany – BaFIN MiFID II Implementation

On 19 June, BaFin issued a statement on MiFID II implementation in Germany. Second Financial Market Reform Act is due to be added to Federal Law Gazette soon. Law will come into force largely on Jan. 3, and will align national rules with MiFID II. Most of amendments relate to public-law framework for trading financial…
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U.S. SEC Issues FAQs for Form ADV

On Jun. 12, 2017, SEC issued FAQ on Form ADV related to Apr. 2016 final rule changes. Do not report social media account, where an unaffiliated distributor controls content. If another person pays your CCO, only report if paid for providing services to your firm. Only report over $1bn in total assets if on adviser's…
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