On 13 March, HK SFC fined Deutsche Bank HK$8.3mn for short sales. Fined Deutsche Bank and its wholly-owned subsidiary Deutsche Securities Asia. Re short position reports, unlicensed activities and segregation of client money. Short Positions Breach of reporting requirements, led to a failure to report 792 short positions. Short position at close of trading on…
Read more
RRS Adds Serbia to Jurisdiction Coverage
Solutions Atlantic has released coverage for Serbia extending its Regulatory Reporting System Rules Library to 96 jurisdictions. This release comes on the heels of Serbia being added to Rulefinder, the source for regulatory intelligence provided by aosphere LLP. Investors in Serbia will find themselves subject to major shareholding disclosure obligations as well as sensitive sector…
Read more
Hong Kong – SFC Nomura Takeover Code
On 5 March 2018, HK SFC publicly criticized Nomura on takeover research. Criticized Nomura International (HK) Limited, for breaches of HK takeover code. Also cited Lee Yuen Yee, whilst acting as financial adviser to West China Cement. Lee is a licensed representative of Nomura Hong Kong, for the regulated activity. Work done in relation to…
Read more
Hong Kong – SFC Fines Credit Suisse $39mn
On 8 February, HK SFC fined Credit Suisse $39.3mn for regulatory breach. Followed self-reporting of breaches, agreed independent reviews, and investigation. Failures in segregating client securities, and reporting direct business transactions. Complying with short selling, electronic trading requirements, contract note rules. Failures in internal controls to ensure suitable investment products sold to customers. Co-operation expedited…
Read more
Solutions Atlantic Issues New Form for Germany
Solutions Atlantic has released an updated substantial shareholding disclosure form for Germany to reflect the changes announced by BaFin on 3 January. BaFin released a new form to reflect current section numbers of the German legislation, the WpHG. The content of the form remains the same as does submission protocol.
Read more
Marshall Islands Added to RRS Rules Library
Solutions Atlantic released the rule set for the Marshall Islands following aosphere LLP's announcement including it in its Rulefinder covered jurisdictions list. Being able to release this new jurisdiction right on the heels of Rulefinder's release shows the nimbleness of RRS' RuleBuilder component. RRS RuleBuilder enables customers of RRS to customize or introduce customer-specific rules…
Read more