In this issue:
- NASDAQ Proposes Liberalization of Independence Exception Provisions
- FINRA Provides Additional Guidance on New Suitability Rule
- CFTC Roundtable to Discuss Proposed Regulations Implementing Core Principle 9 for Designated Contract Markets
- Bankruptcy Court Determines that Property Transfer by Corporation in Which Debtor Holds a 50% Interest Does Not Constitute a Transfer of Assets of the Bankruptcy Estate
- Ninth Circuit Affirms Dismissal of Securities Fraud Complaint
- Federal Reserve to Meet on Regulatory Capital Framework
- Fed Approves Final Rule for Registering Securities Holding Companies
- FSA Restricts Payments for Order Flow
- FSA Bans Former Hedge Fund CEO Alberto Micalizzi and Imposes £3 Million Fine
An excerpt from "FSA Bans Former Hedge Fund CEO Alberto Micalizzi and Imposes £3 Million Fine"
On May 29, the UK Financial Services Authority (FSA) announced that it had decided to fine Alberto Micalizzi £3 million (approximately $4.6 million) and ban him from performing any role in regulated financial services for not being fit and proper. This is the largest fine imposed by the FSA on any individual in any case other than a market abuse case. Micalizzi was the chief executive officer and a director of Dynamic Decisions Capital Management Ltd (DDCM), a hedge fund manager. The FSA also announced that it had cancelled DDCM’s permission to carry on regulated business. The FSA’s decisions have been appealed to the Upper Tribunal.
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