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United Kingdom: Stock Broker Fined £2.8 Million for Market Abuse

(May 25, 2010) The Financial Services Authority (FSA), the independent body in charge of regulating financial services in the United Kingdom, has issued the largest fine to an individual in its history — £2.8 million (about US$4.4 million) to a stockbroker. The FSA found that the stockbroker was involved in a “share ramping scheme” in […]

Australia: Securities Regulator to Have Greater Powers, Tougher Penalties

(Feb. 3, 2010) On January 28, 2010, the Australian federal government announced plans to increase the maximum penalties that can be imposed for market misconduct. The Australian Securities and Investment Commission (ASIC) will also have greater powers to investigate and prosecute market offenses. (Press Release, Hon. Chris Bowen, Greater Powers to the Corporate Regulator to […]

China: Shenzhen Stock Exchange Rules

(Oct. 1, 2009) On September 15, 2009, the Shenzhen Stock Exchange issued the “Implementing Rules on Listing and Trading of Shares with Sale Restrictions of Listed Companies on the Small and Medium-Sized Enterprise Board (Amended in 2009)” (ISINOLAW Reference ID 10063503 [in Chinese], (online subscription database, last visited Sept. 25, 2009).) The purpose of […]

United States: Computer Hacker Can Be Prosecuted for Securities Fraud

(Aug. 19, 2009) The United States Court of Appeals for the Second Circuit has ruled that a computer hacker who uses deceptive means to obtain advance information about a company's financial reports can be sued for fraud under the Securities Exchange Act of 1934. Section 10(b) of the 1934 Act prohibits the use of “any […]

China: IPO Rules for Growth Enterprise Market

(Apr. 21, 2009) The China Securities Regulatory Commission (CSRC) released rules on initial public offerings for the Growth Enterprise Market (China GEM) on March 31, 2009. The rules will enter into effect on May 1, 2009. This means that the China GEM, which is comparable to the U.S. NASDAQ and the Hong Kong Growth Enterprise […]

International Organization of Securities Commissions: Number of Signatories to MOU on Anti-Cross Border Securities Fraud Now Exceeds 50

(Apr. 8, 2009) In a press release issued on March 31, 2009, the International Organization of Securities Commissions (IOSCO), self-described as the leading international policy forum and cooperative forum for securities regulators, announced that 52 of its members are now full signatories of its Multilateral Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of […]

Taiwan: Stricter Regulation of Insider Trading Proposed

(Dec. 8, 2008) On November 26, 2008, the Finance Committee of Taiwan's Legislative Yuan did an initial consideration of certain revisions to the Securities Exchange Act that would tighten the regulation of insider trading. Highlights of the proposed changes are as follows. The current 12-hour ban on “company-associated people” trading company shares before “major corporate […]

Taiwan: Proposed Consolidation of Securities Exchanges, New Shariah Index

(Dec. 4, 2008) On October 20, 2008, the Finance Committee of Taiwan's Legislative Yuan approved going ahead with amending the Securities Exchange Act (promulgated on Apr. 30, 1968; last amended on May 30, 2006, in force on July 1, 2006). One significant step would be the revision of article 128, which restricts the conveyance of […]

Thailand: New Reporting Requirements for Mutual Funds

(Nov. 26, 2008) It was reported on October 30, 2008, that mutual fund companies in Thailand, with the exception of property funds, must now disclose their portfolio holdings on a monthly basis, rather than every six months. More specifically, companies must make public, within 15 days after the end of the month, the portfolio's top […]

Taiwan: Two-Week Ban Was Imposed on Short Selling

(Oct. 15, 2008) It was reported on October 1, 2008, that Taiwan's Financial Supervisory Commission (FSC) had imposed a ban on short selling of borrowed securities and selling on margin for two weeks, until October 14. The FSC had tightened short selling rules effective September 30, 2008 (to last until December 31, 2008), limiting the […]