Wednesday 29th July 2015
NEWS TICKER, Tuesday July 28th: The Spanish Mercado Alternativo Bursátil (MAB) has admitted INCLAM to list on the market’s growth company segment. The company will trade from July 29th this year. Its trading code will be INC and trading will be through a price setting mechanism which will match buy and sell orders by means of two daily auction periods or “fixings”, at 12 hrs and at 16 hrs. Stratelis Advisors is acting as registered adviser and MG Valores SV as liquidity provider. - Moody's: Al Khalij Commercial Bank (al khaliji) Q.S.C.'s asset quality and capital strengths moderated by high reliance on market funding. Al Khalij Commercial Bank (al khaliji) Q.S.C. (AKB) benefits from a solid overall financial profile which is moderated by high reliance on market funding and concentration risks, says Moody's Investors Service in the report "Al Khalij Commercial Bank (al khaliji) Q.S.C: asset quality and capital strengths are moderated by high reliance on market funding" - While German SME’s continue to be plagued by recruiting problems, according to a new KfW survey fewer are bothered about filling employment vacancies than they were back in 2010. More women and older people in the working population, increasing labour mobility and the rise in skilled labour from other EU countries is helping filling the employment gap. Even so, the survey suggests that over the longer term, skilled labour shortages could be the order of the day – In a filing with the Luxembourg Stock Exchange Bank Nederlandse Gemeenten has given notice of amended final terms to the holders of TRY77.5m notes at 10.01% due June 17th 2025 (ISIN Code: XS1247665836 and Series no. 1214) issued under the bank’s €80bn debt issuance programme. The amendment includes provision that the issuer may settlement any payment due in respect of the notes in a currency other than that specified on the due date subject to pre-agreed conditions. Deutsche Bank London is the issuing and paying agent, while Deutsche Bank Luxembourg is listing agent, paying agent and transfer agent. The Shanghai Composite Index ended down 8.5% at 3725.56, its second-straight day of losses and worst daily percentage fall since February 27th, 2007. China's main index is up 6% from its recent low on July 8, but still off 28% from its high in June. The smaller Shenzhen Composite fell 7% to 2160.09 and the small-cap ChiNext Closed 7.4%. Lower at 2683.45. The drop comes as investors wonder how long the government’s buying of blue chip stocks can last. Clearly, the government can’t be seen to be pouring good money after bad to prop up what looks to be a failed strategy of propping up the market. Disappointing corporate earnings data across the globe has affected Asia’s main indices in today’s trading. The Hang Seng Index fell 2.7%. Australia's S&PASX 200 was down 0.2%, the Nikkei Stock Average fell 1% and South Korea's Kospi was off 0.4%. Turnover also remains depressed on Chinese exchanges, with around RMB1.2trn the average volume traded, compared to more than RMB2trn before this current downturn – In other news from the Asia Pacific, New Zealand’s Financial Markets Authority (FMA) has issued a Stop Order against Green Gardens Finance Trust Limited (GGFT) and warns the public to be wary of doing business or depositing money with this company. The Stop Order prohibits GGFT from offering, issuing, accepting applications for or advertising debt securities and/or accepting further contributions, investments or deposits for debt securities – Meantime, in Australia, the Federal Court has found that Astra Resources PLC (Astra Resources) and its subsidiary, Astra Consolidated Nominees Pty Ltd (Astra Nominees), breached the fundraising provisions of the Corporations Act, as part of civil proceedings brought by ASIC. In his judgment, Justice White upheld ASIC's claims that Astra Resources and Astra Nominees breached the Corporations Act by raising funds from investors without a prospectus or similar disclosure document, as required under the law.

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Regulatory Update

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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