The FCA has acted to stop a Cypriot-based firm, BDSwiss Holding Plc, and other members of the BDSwiss Group from offering high risk contracts for differences (CFDs) to UK investors. The BDSwiss Group trades using the brands BDSwiss, Swissmarkets and BDS Trading. The BDSwiss Group used the fact that one of its firms was regulated in the UK to convey legitimacy on the group as a whole. However, 99% of UK consumers taken on by the group traded through the group’s overseas entities. These overseas firms had no authorisation to provide regulated services in the UK, and consumers who traded with the overseas firms lost the protections given to consumers who trade with an authorised firm. In particular, the overseas firms did not comply with the FCA’s restrictions on the marketing and sale of CFDs to retail consumers. Continue reading…

In many countries, issuing and investing in bonds can be cumbersome and complex, involving many steps and parties, and typically requiring a considerable financial commitment from the investor. For those investing in environmentally friendly projects, there is uncertainty about whether the bond issuer is delivering the positive green impact it committed to at issuance. Also, there are typically no liquid and transparent secondary markets for retail investors. The Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre and the Hong Kong Monetary Authority (HKMA) joined forces with the technology industry on Project Genesis to build a prototype digital infrastructure that enables green investments, improves transparency on the use of proceeds, and thereby helps meet regional and global environmental and sustainability goals. Continue reading…

ING recently announced the appointment of Marnix van Stiphout as its new chief operations officer and chief transformation officer (COO/CTO) and member of the Management Board Banking. Currently the COO for Retail Banking, Marnix is eager to use his experience to take operational excellence at ING to the next level. Some questions for the new COO/CTO. 
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An online scam involving the sale of protective materials against COVID-19, such as facemasks, has been halted with the support of Eurojust. During a joint action day conducted on 10 August, 34 searches took place across Romania, Ireland and the Netherlands. In total, 23 suspects were charged, of whom ten have been detained, with Eurojust enabling cross-border judicial cooperation. Companies in at least 20 countries were defrauded of approximately EUR 1 million. Continue reading…

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has fined DTCC Derivatives Repository Plc (DDRL) a total of €408,000 for seven infringements of the European Market Infrastructure Regulation (EMIR) regarding data confidentiality, data integrity, and direct and immediate access to data. The breaches relate to: granting certain asset managers access to data that they were not entitled to receive; setting up its IT system in a way which altered the substance of certain information reported to DDRL; and failing to provide regulators with direct and immediate access to relevant data. Continue reading…

The Financial Conduct Authority has published a Decision Notice against Geoffrey Edward Armin of Retirement and Pension Planning Services Limited (In Liquidation) (RPPS). Mr Armin has referred his Decision Notice to the Upper Tribunal where he will present his case. Any findings in the Decision Notice are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised. The Upper Tribunal will determine what, if any, is the appropriate action for the FCA to take, and will remit the matter to the FCA with such directions as the Upper Tribunal considers appropriate to give effect to its determination. The Upper Tribunal’s decision will be made public on its website. Accordingly, the proposed action outlined in the Decision Notice will have no effect pending the determination of the case by the Tribunal. Continue reading…

by Elfriede Sixt

EFRI, an association based in Vienna, Austria, set up in spring 2020, by now represents more than 1.052 European consumers who were defrauded by cybercriminals as of writing over EUR 59,2 million in the form of investment scams also referred to as boiler room scams. HSBC, one of the world’s largest banks, is known for being a “dirty” bank. It is public knowledge that HSBC for decades has laundered hundreds of millions of dollars for Mexican drug cartels and HSBC took a prominent role in about all scandals which evolved during the past years: Panama Papers, Swiss Leaks, … (a video on the history of HSBC and its involvement in crimes can be watched here). So probably it is not surprising that this “dirty” bank is also heavily involved in Cybercriminal activities. Continue reading…