On 4 June 2021, NYSE Arca Clearpool Execution LLC violations consent. Clearpool Execution Services LLC to pay $300k fine ($105k to NYSE Arca), for violating Rule 203(b) Reg SHO, 17 CFR 242.203 doing short sales without borrowing securities. Also without having reasonable belief that could borrow needed securities for delivery. Acceptance and Consent Without admit…
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Germany – BaFin Fines for Late Shareholding Disclosure
On 10 June 2021, BaFin imposed an administrative fine amounting to 160,000 euros on Dorval Asset Management. Sanction related to a breach of section 130 (1) of the German Act on Breaches of Administrative Regulations (Ordnungswidrigkeitengesetz – OWiG) in conjunction with section 33 (1) of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). Dorval Asset…
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Germany – BaFin Wirecard Fraud Scandal
On 22 June 2021, GE PRL announced submission of the final report into Wirecard. Investigation into the behavior of GE GVT in connection with the incidents re Wirecard. Concluded that the Finance Ministry failed to detect fraud that cost investors millions. The report will be the subject of a one hour debate in the GE…
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Greece – HCMC MiFID II Compliance Role
On 7 June 2021, GRE HCMC announced compliance with ESMA guidelines. GRE HCMC announced it incorporated ESMA guidelines on certain aspects of MiFID II requirements regarding regulatory compliance function in its supervisory practice. The guidelines are available on its website in section Institutional Framework/Union Law/Recommendations-ESMA guidelines. Follows ESMA issued ESMA35-36-1952 translated into official languages.
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China – CBIRC Major Shareholder Behavior
On 17 June 2021, CHI CBIRC proposed measures for major shareholders. CHI CBIRC proposed trial measures to supervise the behavior of major shareholders of banking and insurance institutions, to improve corporate governance, prevent risks. Major shareholders are those that hold more than 15% of equity in specified banking and insurance institutions, hold the most shares,…
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U.K. – BAILLI Beneficial Ownership Shares
On 14 June 2021, UK BAILLI issued judgment in Pleshakov v Sky Stream. UK BAILLI issued Privy Council judgment in Pleshakov v Sky Stream [2021] UKPC 15. Case concerned with questions of trust law regarding beneficial ownership of shares. Appeal from decision of Court of Appeal which allowed an appeal against the decision of Bannister…
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