The Korea Financial Services Commission is investigating crypto investments by employees in relevant departments to ensure that no unethical profit has taken place.
The Korean Financial Services Commission, South Korea’s financial regulator, has launched an internal investigation into employee crypto investments. Local media Yonhap News reported on April 26 that the FSC will receive reports on the investment status of employees until May 7.
The investigation will examine the investment records of employees of departments related to cryptocurrency. The authorities primarily want to ensure that employees have not made unethical gains from knowledge of undisclosed information. They are required to declare their investments to the President of the FSC.
The report alludes to an incident that occurred in December 2017. At that time, some employees made significant profits by buying and trading ahead of a regulatory announcement. The regulator has since advised its employees to be cautious about cryptocurrency investments.
The agency already imposes investment restrictions on employees who work in related departments. Employees have already started sending their reports
One particular incident that received criticism was when FSC President Eun Sung-soo aroused indignation among the country’s youth for his comments on crypto. He denounced investing in an asset that can fluctuate more than 20% per day, saying:
“I don’t think this is the right way to jump on the bandwagon by recklessly buying a digital asset that fluctuates more than 20% per day. If the younger generation takes the wrong path, it is the duty of the elders to correct them and tell them that it is wrong ”,
Cryptocurrency investors, a group mostly made up of people in their 20s and 30s, called the remark condescending. Sung-soo also said crypto is similar to a work of art and crypto investors might not deserve protection.
Criticism has reached the point where young Korean investors have formed a petition demanding Sung-soo’s resignation. More than 114,000 people had signed the petition three days after its creation.
Other individual (s) made a TVN from a news article about Sung-soo’s comments and sold it on the OpenSea platform. The NFT sold for $ 2,416.
OMAHA, Neb., April 14, 2021 / PRNewswire / – Mr. Steve menzies, Chairman of Applied Underwriters, today announced that the Company has received final regulatory approval from the Financial Conduct Authority (FCA), the from the United Kingdom governing body for insurance, banking and investment operations, for the finalization of the acquisition by Applied of Concept Special Risks (CSR), effective April 12, 2021. Acquisition, announced in February, will further grow CSR, the 22-year-old company Yorkshire, UK– market leader founded by a senior executive in the sector, Tony usher. CSR occupies a prominent place in the United States and Caribbean Motor yacht, trailer, sailboat and catamaran markets, covering both private / pleasure charter and rental.
For Applied, the first quarter of 2021 was marked by several acquisitions and consolidations of insurance facilities as part of its extended long-term growth in niche segments in the United States and abroad, such as national program (United States) for E&S damage risks; extended D&O coverage in the United States, Europe and Israel; and a global leadership center for providing hedging and risk management solutions for fine art, jewelry and collectibles.
According to Menzies, FCA approval of the CSR transaction signals continued regulatory recognition of Applied Underwriters’ economic strength and financial probity: growing, we are able to meet market demand among a growing customer base. looking for financially sound, prudent and responsible insurance. Our knowledgeable, experienced and highly specialized underwriting can now be put to customer service and, as recognized by all insurance businesses, state by state and country by country. “
According to Tony usher, Founder of CSR: “We are very pleased that this transaction has come to fruition and we are ready and optimistic for the coming season for the underwriting of yachts, pleasure boats of all types and for commercial excursion operators. “
Concept Special Risks issues policies through retail agents in the United States and Caribbean. It has offices in the UK and Florida.
For more information contact: Ryan gerding, Public Relations, at +1 (913) 602-8531 or [email protected].
Applied subscribers® is a global risk management services company that helps businesses and individuals manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has distinguished itself through its innovative approaches to customer service and strong financial solidity. Applied Underwriters operate widely in US, UK, EU and Middle East. Its operational headquarters are located at Omaha, Nebraska.
Operating worldwide with a proud twenty-nine year history, Concept Special Risks has a strong presence in the United States and Caribbean markets. Its flexible and responsive approach to underwriting provides specialized risk solutions for a wide variety of vessel types, from small pleasure craft to more difficult to place yacht accounts.
Last year, in April 2020, Admiral Markets changed the terms for trading financial instruments without notice to traders. This happened when the prices of crude oil fell significantly. At the start of the Covid-19 pandemic, due to the events going on around the world, the price of crude oil fell so much that its price was negative.
To avoid complications, Admiral Markets decided to change the trading conditions, however, no prior statement was made by the broker prior to the decision. In addition, Admiral Markets has also increased commissions to keep positions open overnight.
Due to the steps taken by the broker, the Financial Control Authority decided to “punish” the broker by forcing him to pay a fine of 32,000 euros. According to representatives of the regulatory agency, the decision was made because the reasons for the decision were not disclosed to traders in a timely manner.
Admiral Markets is a well-known Forex broker, which offers its services to European traders.
The decision of the regulatory agency
While the action taken by the regulator to somehow punish the broker for not considering the interests of traders is fair, the amount of the fine is not. basically nothing for a company like Admiral Markets. Admiral Markets is a brokerage giant, the company made nearly 20 million euros in profit last year. 32,000 euros fine is nothing for such a company.
The regulator noted that the decision was made because many clients who purchased this trading asset had to restructure their positions, which was nearly impossible as the broker did not give traders any prior announcement or warning. on the measure he planned to do. .
How did the public react?
Admiral Markets’ decision was followed by a massive backlash from the public, especially the broker’s client. Many have claimed that this will cause Admiral Markets to lose its clients.
One of the users wrote that the decision was made “out of nowhere”, while another user wrote that after contacting the broker, he found out that the broker “had contracted on the contracts to term of December 2020 “.
Many others said that if the decision was announced before, many traders would not end up losing their money. On the other hand, representatives of Admiral Markets claim that they acted in the “best interests of its clients”, and the decision was made to ensure that clients would still be able to continue trading on global financial markets. However, he also noted that not all market specific circumstances were taken into account when making the decision.
It is still unclear why the company did not make any prior warnings or statements about the decision that was made. Most traders ended up finding out the actions taken by the broker only after executing the decision.
In the same month, Admiral Markets, according to the Finantsinspektsioon, significantly changed the terms and conditions of its financial instruments unilaterally and without notice, specifically the methodologies used for calculating spot prices for crude oil.
It has also increased the fees for sight deposits on the corresponding securities, reports the SNB.
The episode concerns an incident in April 2020 when changes in global financial markets caused international financial platforms to be unprepared to reflect negative prices and calculate credit limits, the SNB reports.
The Finantisinspektsioon says the change process and its basics were not transparent from a client perspective, leading clients to potentially suffer losses or miss out on gains, BNS reports.
The director of Finantsinspektsioon, Kilvar Kessler, says that a professional market player who trades complex financial instruments and offers his services to a wide circle of clients must manage and hedge against the risks and incur the corresponding costs.
A business on the ground also needs to communicate as clearly as possible with its customers when making changes, he said.
Admiral Markets could take the case to court
Admiral Markets said it could challenge the fine in court, saying it did not take into account all of the specific market circumstances.
Company CEO Sergei Bogatenkov said the company always acts in the best interests of its clients and has ensured that clients can continue to trade in global financial markets with peace of mind intact.
Bogatenkov said: “We have always been committed to ensuring that the interests of our clients around the world are protected. In this situation, we have taken steps to reduce the potential impact on our customers.
“We informed our clients very early on of any anomalies in the financial markets and asked them to be vigilant,” he continued.
The Finantskinspektsioon said that Admiral Markets had committed an offense under securities market law by failing to ensure that it was acting in the best interests of its clients at all times, and imposed a fine of € 32,000 to the company.
Admiral offers investment services for trading with Forex and Contracts for Difference (CFDs) on indices, metals, energies, stocks, bonds and digital currencies, the company says on its website.
The 2020 Science and Technology Policy Project proposes to establish a national STI financing authority and an STI development bank that can respond to long-term investments in selected strategic areas.
According to the project, to put in place effective governance mechanisms for the science, technology and innovation (STI) funding landscape, a national STI funding authority will be created. The centralized authority will help to strengthen financial expenditure.
A corpus fund will also be created to invest in various long and medium term projects, commercial enterprises, start-ups, technology diffusion and licensing to address the priority areas identified in the STI ecosystem, indicates politics.
In addition, central ministries and associated departments without dedicated R&D units will establish relevant divisions to increase the overall R&D budget and the scope of the allocation.
“An STI development bank will be created to direct long-term investments in selected strategic areas,” says the project.
It also proposes to rationalize the STI financial ecosystem by strengthening and granting greater autonomy to existing funding bodies with the aim of promoting sectoral research as well as interdisciplinary and multidisciplinary research.
“Appropriate mechanisms for funding decisions based on responsible peer review and a balanced composition of the expert committee in terms of experience, age and gender will be strengthened,” the policy says.
The incentive system will be characterized by effective governance to ensure ease of accessibility for private actors, he adds.
Modification / waiver of general financial rules, for large-scale mission mode programs and projects of national importance will be explored and a new model for financing, implementing and monitoring these programs will be developed, either by as an overall mechanism, or by obtaining cabinet approvals in accordance with individual programs.
In addition, certain GFRs will have to be modified for the financing of R&D projects in order to facilitate research.
The policy also proposes the formulation of a mechanism for the timely disbursement of grants and regular networking and communication between funding agencies. The disbursement of research grants for scientific projects, scholarships to university researchers and grants to students carrying out advanced research and higher education are crucial measures to ensure excellence in scientific research.
DST, in collaboration with the Office of the Chief Scientific Advisor, initiated the STIP 2020 formulation process last year. The policy was due to be released by the end of the year, but was delayed slightly due to the coronavirus pandemic.
The STIP project was posted by the Department of Science and Technology (DST) on its website. The DST also invited suggestions, contributions and comments to make changes by January 25.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
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NEW YORK, NY – Chat in person with Stephen Leeb, the revered authority on the stock market and gold, or read the latest of his nine bestselling books, The Rise of China and the New Golden Age (STEEP), is an equally informative experience. Or I discerned from the start and throughout the 60-minute interview I conducted with him (according to the Covid-19 health safety instructions) in my office last week.
“Over the past two decades, gold has been the best investment, far surpassing stocks and bonds… Over the period 2000-2019, gold has outperformed the S&P by 200 percentage points and bonds by 250 percentage points. And this year alone, since the market peak in January, gold has consistently outperformed the S&P 500 ”, Leeb noted, repeating three of the many interesting facts I had already learned from reading his lucid, informative, both humorous and perhaps (time will tell us) premonitory volume of 259 pages.
However, just as he laments in the book, Leeb who – in addition to his success as an author has become a sought-after and frequent guest on most the best news and business networks, acts as an advisor to several large companies and is the publisher of his own award-winning publication, The complete investor – argued that major investment firms and financial advisers recklessly diverted their clients from the gold market and instead directed them to conventional markets.
“Rather than recommending gold, leading investment firms and investment advisers have persuaded their clients over the past 20 years to build their portfolios around a relatively safe, diverse mix of stocks and bonds, in what the industry calls the “construction process”. Leeb said.
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While recognizing the reliability of common variables, finance professionals generally take into consideration when planning their client’s personal portfolio, which, Leeb said, includes the willingness and ability of the investor to take risks, the age group and economic situation of his nuclear family and the need (or lack of need) healthy retirement income, Leeb argued that such factors argue for rather than against investing in gold.
“Adjusting the allocations between stocks and bonds to an individual’s unique personal financial situation is a standard and correct strategy. But this strategy as I write [in CRAG], makes gold – a proven profitable, safe and reliable asset – a perfect fit in the diversified holdings of virtually any investor, ”said Leeb.
Leeb further argued that China’s economic might, the rise in the value of commodities in Asia, and the global Covid-19 pandemic have dramatically increased the speculative value of gold.
Speaking first of China’s economic powerhouse, Leeb said, “As I write [in China’s Rise and the New Age of Gold: How Investors Can Profit from a Changing World], China’s financial planning has worked so well over the past 20 years that it now has the world’s largest economy and has grown into the world’s largest international trader. China also has the largest amount of gold reserves in the world, and as I predict it will eventually be used to save a new reserve currency. When this happens, the value of gold will skyrocket.
Leeb then explained how the Asian commodities market has served to increase the value of gold. Explaining that the 49 countries of Asia can be divided into developed countries which include India, Japan, South Korea and China itself and underdeveloped countries which include Cambodia, Laos, Vietnam and Indonesia, Leeb continued, “The economies of the developed and underdeveloped countries of Asia, which incidentally contain 60% of the world’s population, are developing by leaps and bounds.”
“As a result,” Leeb added, “they are consuming increasing amounts of commodities such as coal, gas and oil to fuel these growing economies. It is easy to see how this affects the price of gold. : It is a long-accepted economic rule that the higher the price of all other commodities, the higher the price of gold will be.
Finally, Leeb discussed the impact Covid-19 has had on both the global economy and the value of gold, while noting that the crisis only started after submitting the original transcript. to its editor, Mc Graw Hill, back in February 2020. “Covid-19 hit the world in early March, shortly after sending the manuscript to the publisher”, he remembers. “So I decided that the best way to go was to add my analysis of how the pandemic might impact the world and its impact on the price of gold was to add it to the preface. … My conclusion, as you will see there, is that the pandemic, for a variety of reasons, will prove to be a major contributing factor to the future gold bull market. ”
Leeb – whose correct predictions of the past include the resurgence of the bull market in the 1980s, the collapse of the dot-com bubble in the early 2000s, and the rise of China as a financial powerhouse in the 2010s – devotes the major part of the first 19 of 23 chapters detailing and analyzing in more detail the effects that world events, international currency fluctuations, market forces and economic trends will have on what he predicts as the future meteoric rise in the value of gold.
However, these were the last four chapters of the book, containing a guide on how to navigate the gold-buying process, which Leeb surmised his readers might find most important of all.
“I expected readers motivated by the book to consider investing in gold would find it essential to learn the ins and outs and dos and don’ts involved in buying gold. gold for the first time, ”Leeb said. “This is exactly what we do in the last four chapters, which provide practical, research-oriented advice on how to get started and, possibly, benefit greatly from investing in the gold market. ”
As readers of my column will recall, I interviewed Leeb over the phone at the end of April last year for a column that appeared on these pages about a week later. In the column titled Stephen Leeb: Renowned Financial Authority Talks About Stock Market, Gold, and Current Coronavirus Financial Crisis, I quoted Leeb as follows: “Gold over the next generation has the potential to reach many times its present value due to the need for a critical world safeguard for all international currencies.”
There is short-term data that indicates Leeb’s prediction that day was correct: May 11e, 2020 just 2 days after my column was printed, gold closed at 1697.2 an ounce; and, November 13e just over seven months to the day, gold closed at 1889.2, an incredible increase of around 10%.
Yet in CRAG, Leeb makes an even bolder prediction than the one he made last spring, which he repeated to me without hesitation: “As I detail in the book, due to many factors, the price of gold will, in a single generation, drop from its current range of just under $ 2,000 per ounce to $ 20,000 per ounce. ounce, that is to say a multiplication by ten “, Leeb prognosis.
This is a prognosis that financial firms and investment advisers might be urged to carefully weigh when planning for their clients’ financial futures.
The Swiss Financial Market Supervisory Authority FINMA has define the guidelines for startups based in Switzerland, which plan to raise capital through Initial Reel Offerings (ICOs). The guidelines also define the information FINMA needs to deal with such requests and the principles on which it will base its responses, which creates clarity for market participants. The guidelines complement the previous set of rules published in April 2017.
When evaluating ICOs, FINMA will focus on the economic function and purpose of tokens / native currencies. FINMA will also examine whether the tokens are already negotiable or transferable. Since then, there is no generally accepted terminology for the classification of tokens neither in Switzerland nor internationally.
Classification of tokens
FINMA classifies tokens into three types (hybrid forms are acceptable):
• Payment tokens are synonymous with cryptocurrencies and have no other function or connection with other development projects. Tokens may, in some cases, only develop necessary functionality and be accepted as a means of payment over a period of time.
• Utility tokens are tokens intended to provide digital access to an application or service.
• Asset tokens represent assets such as interests in real physical underlyings, companies or streams of earnings, or a right to dividends or interest payments. In terms of economic function, tokens are analogous to stocks, bonds or derivatives.
FINMA’s analysis indicates that money laundering and securities regulation are the most relevant for ICOs. Projects that would fall under the banking law (governing the collection of deposits) or the collective investment law (governing investment fund products) are not typical.
On the basis of the above criteria (function and transferability), FINMA will process ICO requests as follows: • Payment ICO: for ICOs where the token is intended to function as a means of payment and can already be transferred, FINMA will require compliance with anti-money laundering regulations. However, FINMA will not treat these tokens as securities.
• Utility ICOs: These tokens are not qualified as securities only if their sole objective is to confer digital access rights to an application or a service and if the utility token can already be used in this way at the time of issue. If a utility token functions only or partially as an investment in economic terms, FINMA will treat these tokens as securities (i.e. in the same way as asset tokens).
• Asset ICOs: FINMA considers Asset Tokens to be transferable, which means that there are securities law requirements for the trading of these tokens, as well as civil law requirements under the Swiss Code. obligations (eg prospectus requirements).
In addition, FINMA considers that ICOs can also exist in hybrid forms of the above categories. For example, anti-money laundering regulations would apply to utility tokens which can also be widely used as a means of payment or are intended to be used as such.
When issuing the guidelines, FINMA said it recognizes the innovative potential of blockchain technology and therefore supports the federal government Blockchain / ICO working group in which he participates.
CEO of FINMA, Mark Branson, noted
“The application of blockchain technology has the potential for innovation within and far beyond financial markets. However, blockchain-based projects conducted analogously to regulated activities cannot simply bypass the proven regulatory framework. Our balanced approach to handling projects and ICO inquiries allows legitimate innovators to navigate the regulatory landscape and thus launch their projects in a manner that complies with our laws protecting investors and the integrity of the financial system. .
Directors of the Austrian Securities and Markets Authority (FMA), Klaus Kumpfmüller and Helmut Ettl, have proposed stricter regulations on cryptocurrencies and initial coin offerings (ICOs), Cointelegraph auf Deutsch reports today (June 29).
According to an article Published in the Austrian newspaper Die Presse on June 29, Kumpfmüller proposed a “threshold-dependent” prospectus requirement for ICOs similar to that for securities. The FMA executive committee has set a “reasonable” threshold of two million euros. Additionally, according to Kumpfmüller, there should be a concession requirement for cryptocurrency distributors and that these “will be treated as securities in the future.”
Ettle compared the proposed regulations to existing restrictions on financial institutions, “To buy and sell foreign currency you need a mini-bank license.” So far, cryptocurrency trading does not have a similar regulation under Austrian law. Last year, the FMA submitted some 30 statements to the prosecution regarding alleged violations of the law relating to cryptocurrencies and ICOs.
According to Die Presse, the members of the board of directors of the FMA have expressed their dissatisfaction with the Austrian Minister of Finance, Hartwig Löger, who wants to deprive the agency of part of his authority. In regular disputes between the FMA and the supervisory authority (OePR), Löger calls for more “regulatory accountability at ministerial level”, which the FMA should then “reasonably execute”.
According to the FMA board, issues such as money laundering have so far only been superficially regulated by law, and further oversight by the ministry should be seen as a positive development. However, there are “no serious problems” with regard to control and accounting, so the transfer of powers would probably be regarded as “a political decision”. Ettl said it was crucial that the FMA retain “integrated and independent oversight.”
However, when it comes to tightening cryptocurrency regulations, the FMA and the Minister of Finance are not that far apart. When Löger called for stricter rules in the crypto industry in February and early regulation at the European level, both Ettl and Kumpfmüller endorsed and offered to participate in a “FinTech Regulatory Council” proposed by Löger.
Poland’s financial watchdog recently claimed that cryptocurrency trading is completely legal in the country, according to a official announcement published on its website on June 6.
In its recent decision, the Polish Financial Supervisory Commission (KNF) sought to clarify the status of cryptocurrencies and crypto trading, “recognizing emerging legal doubts related to the functioning of stock exchanges and bureaux de change.”
The Commission’s opinion comes in the wake of the country’s ongoing orchestrated campaign against the use of cryptocurrency in the country.
In its most recent statement, the KNF said that entrepreneurs are not banned from trading crypto because there are “no regulations prohibiting trading. […] of cryptocurrencies.
However, the financial authority noted that the government is focused on developing a regulatory framework for the market to prevent it from the risks sometimes associated with crypto, such as money laundering, tax evasion and the financing of terrorism.
The KNF mentioned that it plans to introduce a regulatory system for Bitcoin (BTC) and altcoins which will be officially launched on July 13, 2018.
Last month, the KNF announced its intention to run a social media campaign on the risks of crypto investments. Earlier, in mid-February, the Central Bank of Poland admitted it had secretly funded a $ 27,000 anti-crypto campaign consisting of a YouTube video about a man losing all his money after investing in crypto. currencies.
Pakistan’s top civilian and military leaders have agreed to grant greater administrative and financial authority to Pakistan-occupied Kashmir and Gilgit-Baltistan, the region through which the controversial $ 50 billion China-Pakistan Economic Corridor (CPEC) passes. of dollars.
During a meeting of the National Security Committee (NSC) – the supreme civilian and military body – Sartaj Aziz, deputy chairman of the Planning Commission and Ministry of Kashmir and Gilgit-Baltistan Affairs, informed on Saturday the Committee on PoK and Gilgit- Baltistan reform proposals, according to an official statement.
The meeting chaired by Prime Minister Shahid Khaqan Abbasi considered these proposals and after detailed deliberations, consensus was reached on the “devolution of greater administrative authority and financial powers” to the PoK government and the Gilgit government. Baltistan, according to the statement.
Details of the administrative and financial reform have not yet been released.
However, there was also consensus on maintaining the PoK and Gilgit-Baltistan councils as advisory bodies; and the granting of a five-year tax holiday to Gilgit-Baltistan in order to create adequate incentives for the development of the region and bring it on par with other regions of Pakistan.
Gilgit-Baltistan is treated as a separate geographic entity by Pakistan. Balochistan, Khyber-Pakhtunkhwa, Punjab and Sindh are four provinces of Pakistan.
India has called “entirely unacceptable” any possible attempt by Pakistan to declare the region of Gilgit-Baltistan, bordering the disputed Kashmir occupied by Pakistan, as the fifth province. India has protested to China against the CPEC which crosses the Gilgit-Baltistan region.
China’s concerns over Gilgit-Baltistan’s unresolved status are believed to have prompted Pakistan to change its status.
Earlier press reports had said Pakistan was planning to elevate the region’s constitutional status to provide legal cover for the CPEC.
The NSC also approved that FATA be merged with Khyber Pakhtunkhwa with the introduction of the administrative and judicial institutional structures and laws of Khyber Pakhtunkhwa, according to the statement.
The Committee called on the relevant ministries to work out the constitutional, legal and administrative modalities of the merger in consultation with all parties in Parliament.
The meeting was attended by Minister of Interior Ahsan Iqbal, Minister of Defense and Foreign Affairs Khurram Dastgir Khan, Chairman of the Joint Chiefs of Staff Committee, General Zubair Mahmood Hayat, from Chief of the Army, General Qamar Javed Bajwa, Chief of Naval and Air Force, Chief of ISI and other senior officials. civil and military officials.
(This story was posted from a News Feed with no text changes. Only the title has been changed.)