Monday 26th August 2019
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The largest hedge fund insider trading case in history

New York residents Raj Rajaratnam and Danielle Chiesi have been charged with a 17-count indictment involving conspiracy and securities fraud crimes stemming from their alleged involvement in the largest hedge fund insider trading case in history. Rajaratnam was the managing member of Galleon Management and a portfolio manager for Galleon Technology Offshore. Chiesi was an […]

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FSA consults on raising professional standards for all investment advisers

The FSA has published proposals for enhancing the professionalism of investment advisers under the Retail Distribution Review (RDR). The FSA is proposing 1.    a new in-house governance structure to ensure these enhanced standards are met, both initially and on an ongoing basis, through achieving a higher level of qualification, meeting higher standards of continuing professional […]

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IFA handed £75,000 fine and banned by FSA for lying repeatedly

The Financial Services Authority (FSA) has fined the director of a West Midlands-based IFA firm MFP Group £75,000 and banned from the industry for repeatedly lying. The fine was increased from £50,000 after a 2008 FSA investigation into director Simon Kuun – where he was judged to lack the honesty and integrity expected of an […]

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Second report on compliance with Walker Guidelines

On 15 December 2009, the Guidelines Monitoring Group (Group) published its second report on disclosure and transparency in the private equity industry (dated 14 December 2009) (Report). The Report considers compliance by private equity firms with the requirements and recommendations of the Walker Guidelines on disclosure and transparency in private equity (Guidelines) which were published […]

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Credit Suisse Expects To be Fined $536 Million Over Iran Sanctions

Credit Suisse said late yesterday it expects to pay US authorities $536 million to settle matters connected to financial dealings with Iran. A short press release issued by the Zurich-listed bank did not elaborate significantly on details. “Credit Suisse confirms that it is in advanced settlement discussions with the New York County District Attorney’s Office, […]

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OTHER BANKS FACING POSSIBLE SANCTION FINES…..

All eyes were on Barclays today after it emerged that Credit Suisse (CS) was set to join Lloyds in paying massive fines in the US over claims it helped Iran evade sanctions to access Wall Street markets. CS said it may pay $536 million (£327.6 million), more than double the $250 million Lloyds settlement early […]

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Treatment of client money on firm’s administration

Treatment of client money on firm’s administration CASE = Yesterday, Mr Justice Briggs delivered his judgment in the matter of Lehman Brothers International (Europe) v CRC Credit Fund Ltd & Ors [2009] EWHC 3228 (Ch) on the identification and distribution of the client money held by Lehman Brothers International (Europe) (LBIE) at the time it […]

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The JFSC Issued its feedback on consultation paper no. 9 2009 (AML)

On the 14 December 2009 the JFSC Issued its feedback on consultation paper no. 9 2009 (Money laundering (amendment No.4) (Jersey) order 200-) (Amendments to the Money Laundering (Jersey) Order 2008). The Commission received comments from seven businesses. A summary of these comments can be found in section 2 of this Feedback Paper. Read More […]

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