On 23 July 2024, UK FB published blog on device takeover fraud. UK FB issued blog article entitled Device takeover fraud: A cheat code for fraudsters, A rising threat for financial institutions, focusing on new type of fraud on the rise in UK. Device Takeover Fraud Device takeover, or DTO fraud, involves fraudster gaining unauthorized…
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Germany – Gov’t Investor Model Procedure Act
On 19 July 2024, GE GVT issued Second Act (OG 240/2024) on reform to the Capital Investors Model Proceedings Act which is a law applicable in civil litigation claims. GE JST issued timeline of Capital Investors Model Proceedings Act, and law passed. Relates to KapMuG re Regional Courts and Higher Regional Court submissions. Includes claim…
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U.K. – BoE Paper on Wholesale Collateral, Implications for Short Selling
On 19 July 2024, UK BoE issued paper on wholesale funding markets. BoE issued staff working paper, Collateral demand in wholesale funding markets. Overview Repo markets are systemically important funding markets, but also used by firms to obtain the assets provided as collateral, do these 2 functions complement each other. Authors build and estimate model…
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Poland – FSA Fines for Shareholding Disclosure Failure
On 18 July 2024, POL FSA imposed a PLN 4mn fine on Perla Browary Lubelskie for not reporting major shareholding. Main Points Perla had increased its shareholding and vote rights in Przedsiebiorstwo Przemyslu Spozywczego SA (PEPEES), without notifying it or POL FSA, between 2016-2018. The changes in the company's share in the total number of…
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Hong Kong – SFC Updated Takeover Table
On 22 July 2024, the SFC updated its Takeover Table. Offer period for Zhihu Inc. (Stock Code: 2390) commenced on 19 July 2024.
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Canada – CIRO Releases Enforcement Report
On 16 July 2024, CIRO released its annual 2023-2024 enforcement report. CIRO released its 2023-2024 Enforcement Report, underscoring its commitment to investor protection, improving industry standards, and strengthening market integrity. Case Highlights Fortrade Canada fined $2mn for making prohibited recommendations. As order execution dealer, Fortrade violated regulations by providing recommendations. Also failed to maintain a…
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