Monday 24th November 2014
NEWS TICKER: November 24TH 2014: This morning, US time, President Obama accepted a letter of resignation from US Secretary of State for Defence, Chuck Hagel, who says he will service until his successor is confirmed by the US Senate. “You should know I did not make this decision lightly. But after much discussion, the President and I agreed that now was the right time for new leadership here at the Pentagon,” he wrote in an official statement announcing his resignation - .Bank of America Corporation today announced it will report its fourth-quarter 2014 financial results on Thursday, January 15th 2015. The results are scheduled to be released at 7am ET, followed by an investor presentation at 8:30am ET - The Straits Times Index (STI) ended -4.79 points lower or -0.14% to 3340.53, taking the year-to-date performance to +5.55%. The FTSE ST Mid Cap Index gained +0.23% while the FTSE ST Small Cap Index gained +0.34%. The top active stocks were Forterra Trust (+20.97%), SingTel (-0.77%), CapitaLand (+1.53%), DBS (-0.45%) and Suntec REIT (-0.52%). Outperforming sectors today were represented by the FTSE ST Technology Index (+0.88%). The two biggest stocks of the FTSE ST Technology Index are Silverlake Axis (+1.22%) and STATS ChipPAC (+1.12%). The underperforming sector was the FTSE ST Telecommunications Index, which declined -0.68% with SingTel’s share price declining -0.77% and StarHub’s share price unchanged. The three most active Exchange Traded Funds (ETFs) by value today were the IS MSCI India (+0.26%), SPDR Gold Shares (+0.47%), STI ETF (+0.30%) - Moody's Investors Service has today upgraded SCHMOLZ + BICKENBACH AG's (S+B) corporate family rating (CFR) to B2 from B3 and probability of default rating (PDR) to B2-PD from B3-PD. The rating of the senior secured notes due 2019 issued by SCHMOLZ + BICKENBACH Luxembourg S.A. (a wholly owned subsidiary of S+B) is also upgraded to B2 from B3. The outlook on the rating is stable. -- The Nasdaq Stock Market says that trading was halted today in MOL Global Inc at 09:10:08 Eastern Time for "additional information requested" from the company at a last price of $4.09. Trading will remain halted until MOL Global Inc. has fully satisfied Nasdaq's request for additional information - The ICE January Brent futures contract settled $1.03 higher at $80.36/b Friday after a surprise interest rate cut by the Chinese central bank lifted hopes the world's second largest economy could grow faster. Crude benchmarks on both sides of the Atlantic closed at their highest levels since November 12. NYMEX January crude futures ended the session 66 cents higher at $76.51/b.

Insider Trading, Worldwide

Tuesday, 12 June 2012 Written by 
Insider Trading, Worldwide Last week, regulators in both the U.S. and abroad brought landmark cases for insider trading violations. http://www.ftseglobalmarkets.com/

Last week, regulators in both the U.S. and abroad brought landmark cases for insider trading violations.

In the U.S., Judge Katharine Hayden sentenced former corporate lawyer Matthew Kluger to twelve years in prison—the longest term received to-date for insider trading violations.  While working as a lawyer at prominent law firms (including Cravath, Skadden, and Wilson Sonsini), Kluger misappropriated nonpublic corporate merger information over the course of seventeen years.  Notably, Kluger’s sentence reflecting Kluger’s abuse of his legal position was longer than the eleven years handed to Raj Rajaratnam in the widely publicized Galleon case.

Also last week, in Japan, the Securities and Exchange Surveillance Commission (“SESC”) proposed to fine a U.S. broker dealer $185,000, a penalty much higher than what the SESC has sought in other recent insider trading cases.



Only a few months ago, the U.K. FSA fined a U.S. based hedge fund $11 million for selling shares in a company shortly after receiving indications of a possible stock sale.  This case is a reminder that professionals who obtain information through the exercise of their employment, profession, or duties should be particularly aware of whether they may be exposed to sensitive information along with its potential for liability.

China, too, may also become more active in cracking down on insider trading.  Sources report the Chinese government may broaden the definition of an insider and focus on government officials as well as corporate executives. 

In short, as financial transactions become increasingly globalized, it is clear that portfolio managers, traders, and compliance personnel need to be conversant in the legal and regulatory regimes of multiple jurisdictions.  Requirements surrounding the use of nonpublic information are particularly relevant as acceptable standards of behavior evolve; expect more activity on this front.

Deborah Prutzman

Deborah Prutzman is the founder and CEO of The Regulatory Fundamentals Group (RFG), a New York-based firm that designs and implements business and risk solutions for alternative asset managers and institutional investors. RFG's senior-led team employs a robust suite of tools, including practical alerts on new and potential industry developments and its powerful RFG Pathfinder® knowledge management platform which simplifies the challenges of operating in a regulated environment.  To learn more about The Regulatory Fundamentals Group call (212) 537-4058, email a representative at Information@RegFG.com or visit RegFG.com

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