Regulation

CIBC World Markets to pay $85,000 fine

On July 24, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between its staff and CIBC World Markets Inc. CIBC admitted from May 2005 to October 2008, it failed to effectively exercise its supervisory responsibilities. It let unsuitable options trades—not suitable for two clients—slip through the […]

By Staff |August 9, 2012

1 min read

Strike against Standard Chartered too early: BoE

Bank of England Governor Mervyn King has criticized New York regulators for publicizing its money laundering accusations against Standard Chartered. He says other regulators haven’t completed their own investigations of the bank, and characterized the early strike as too preemptive. On Monday, the New York State Department of Financial Services accused it of laundering $250 […]

By Wire services |August 8, 2012

2 min read

$7-million market manipulation unearthed

The executive director of the BCSC has issued a temporary order and notice of hearing alleging five B.C. residents engaged in a $7 million market manipulation. The regulator’s notice alleges Thalbinder Singh Poonian, Shailu Sharon Poonian, Robert Joseph Leyk, Manjit Singh Sihota and Perminder Sihota participated in a scheme to manipulate the share price of […]

By Staff |August 7, 2012

1 min read

Financial market infrastructure can collapse

Global financial regulators have released a consultation paper on how to plan for the potential failure of firms that make up financial market infrastructure. The paper was published by the Committee on Payment and Settlement Systems (CPSS) and IOSCO, and outlines the issues that should be taken into account when developing recovery plans for different […]

By Wire services |August 1, 2012

2 min read