Articles Posted in金融服务管理局

The金融行业监管机关正在订购CFD Investmentsto pay a $125K fine over what the self-regulatory authority (SRO) found to be theinadequate supervisionof its registered representatives when they sold variable annuities(VAs) to customers. FINRA said that between 7/2014 and 7/2016 the broker-dealer did not set up, keep up, or enforce written procedures or a supervisory system designed in a reasonable enough manner that would allow the firm to properly oversee these transactions.

The SRO found that of the 1,574 VA purchase and exchanges made by the firm during the period in question, over 18% of them were L-share contracts, most of which came with long-term riders. However, according to FINRA, many of broker-dealer’s customers that bought these shares wanted a long-term investment horizon and would have benefited more from being sold B-share contracts. Also, unlike L-share contracts, B-share contracts don’t come with 30-50 basis point annual fees.

监督不足和Inappropriate Recommendations

The金融行业监管机关(FINRA)announced that it is suing Ami Forte, a former star Morgan Stanley (MS) broker. Forte is accused of making unsuitable trades in the account of家Shopping Networkco-founder Roy M. Speer, who was mentally impaired and bedridden at the end of his life.

福特(Forte)在不到一年的时间内就获得了超过900万美元的佣金,而他的账目总的来说是她所做的佣金的近90%。有一次,她被认为是美国收入最高的女性财务顾问之一。

While the FINRA fraud complaint only refers to the older investor by his initials, news sources and other court documents identify the elder financial fraud victim as Mr. Speer. The Home Shopping Network co-founder, who was 80 when he died in 2012, had an estimated worth of about $775M in 2003. For a time, he was romantically involved with Forte.

高盛国际(Goldman Sachs International)已由英国金融服务局命令支付2700万美元。FSA说,高盛未能将其通知美国证券交易委员会对投资银行的销售2007-AC1合成抵押债务债务义务的调查,这是一项bob200体育衍生产品tied to subprime mortgages.

高盛和Co. has settled the SEC’s case for a record $550 million dollars. However, even though Goldman knew for months in advance that SEC charges were likely, the investment bank did not notify regulators, shareholders, or clients.

FSA’s Enforcement and Financial Crime Managing Director Margaret Cole says that while GSI didn’t intentionally hide the information, it became obvious that the investment firm’s reporting systems and controls were defective and that this was why its ability to communicate with FSA was well below the level of communication expected. Cole says that large institutions need to remember that their reporting obligations to the FSA must stay a priority.

FSA contends that Goldman was in breach of FSA Principle 2, which says that a firm has to “conduct its business with due skill, care, and diligence,” FSA Principle 3, which talks about a firm’s responsibility to “organize and control its affairs responsibly and effectively, with adequate risk management systems,” and FSA Principle 11, which stresses a firm’s responsibility to disclose to the FSA that “of which it would reasonably expect notice.”

例如,高盛副总裁Fabrice Tourre在Abacus团队工作,并在被转移到伦敦的GSI后成为FSA批准的人,后来被SEC民事指控打了电话。与高盛(Goldman)一起,SEC被指控Tourre以衍生品产品的销售和结构化方式涉嫌虚假陈述和物质遗漏。

Cole notes that FSA was disappointed that even though senior members of GSI in London were aware that Tourre had received a Wells Notice that SEC charges were likely, they did not take into account the regulatory implications that this could have for the investment firm. Because of the failure to notify, Tourre ended up staying in the UK and continued to perform at a “controlled function for several months without further enquiry or challenge.”

Because FSA did not find that GSI purposely withheld information, the investment bank received a discount on the fine, reducing it from $38.5 million to the current amount.

bob200体育证券欺诈诉讼和调查是在美国证券交易委员会针对高盛的案件之后的。

Related Web Resources:
FSA罚款高盛1750万英镑,路透社,2010年9月9日

高盛(Goldman Sachs)以5.5亿美元的价格解决SEC次级抵押贷款与抵押贷款相关费用,股票经纪人欺诈博客,2010年7月30日

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