Archive for the ‘Germany’ Category

Former Deutsche Telekom employee investigated for alleged insider trading / Siim

25/08/2008. | This post has no Comments

Thomson Financial / Hemscott writes about a former investment manager at Deutsche Telekom AG and a Bonn-based trader are being investigated for alleged insider trading practices said, a report in Focus magazine, citing charges filed at a Bonn-based German court.

According to the charges, the court is looking into suspected illegal trading practices involving option certificates which created profits of more than 2.5 million euros.

The magazine said the 45-year-old ex-head of Telekom’s New Work investor relations division is being investigated for leaking sensitive ‘market-related’ information between November, 2004 and August, 2006 to a trader in Bonn.

Deutsche Bank trader at centre of IKB insider dealing probe / Ahto

25/04/2008. Tags: , , | This post has no Comments

Deutsche Bank is cooperating with an investigation by a German prosecutor’s office into reports of insider trading of IKB Deutsche Industriebank shares, the bank said.

Deutsche Bank said the Frankfurt prosecutor’s office had told it that a complaint had been filed accusing one of the bank’s employees of insider trading.

Deutsche Bank said that to the best of its knowledge, the inquiry did not refer to trading in the bank’s accounts but to trading on behalf of clients, and that the bank had not benefited from it.

EADS demands “clear evidence” of wrongdoing / Ahto

01/04/2008. Tags: , , , | This post has no Comments

FT.com wrote that Louis Gallois, chief executive of EADS, has warned France’s stock market authority that its investigation into alleged insider dealing at the Franco-German aerospace group could threaten the company’s fragile recovery unless it turns up “clear evidence” of wrongdoing.

“You can’t condemn people who have huge responsibilities, you can’t attack a company … without clear evidence,” he told the Financial Times in a recent interview. “This company is clearly on [the path to] recovery. I don’t want that jeopardised on rumours, on feeling. I want evidence, clear evidence. It’s too important.”

Mr Gallois, who says he is “fully confident” in his management team, has spared no effort in recent weeks to make his concerns known, as the AMF, the French regulator, finalised its report on controversial share sales by directors and shareholders in the weeks ahead of a shock profits warning.

The report will also take a view on whether the EADS board misled the market about delays to the flagship A380 superjumbo project at its Airbus subsidiary that led to the profit warning. The governing board of the AMF is expected to meet today to weigh the findings, handed to the 15-member “college” several days ago. A preliminary report on the allegations was leaked to French media last autumn and signalled concerns over insider dealing “on a massive scal e”, which the company and all those involved deny strongly.

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MiFID Compliance with new INSIDeR Professional Edition / Mait

16/10/2007. Tags: , , , , , | This post has no Comments

The rules introduced by MiFID impose complex requirements on banks’ and investment firms’ organizational governance and internal compliance management.

CSA Partners is delighted to announce the release of the new INSIDeR Professional Edition, a complete internal compliance procedures and records management solution designed to meet the most challenging requirements on organizational governance of MiFID-firms.

INSIDeR Professional Edition is web-based special-purpose compliance management application designed for the implementation of high quality internal control procedures and workflows by MiFID-firms when, among other things, dealing with the following organizational requirements:

  • Administration of the list of relevant persons and persons and corporations with close links to relevant persons
  • Applying pre-trade clearance regime and keeping records on permissions with regard to personal account dealings (personal transactions) by relevant persons
  • Keeping records on personal transactions
  • Controlling and reducing the risks of Market Abuse
  • Controlling and reducing the risks of conflict of interest
  • Ensuring that relevant persons are aware of their obligations
  • All the above available on the basis of self-service-model to multiply the efficiency of compliance procedures management across the organization.

INSIDeR Professional will be available on the basis of software-as-a-service model where CSA Partners provides the hosting, support and management of the solution for MiFID firms. That relieves firms from the burden and cost of maintaining and updating in-house systems and IT infrastructure. INSIDeR Professional Edition is available also per in-house installation model, should internal policies rule out software-as-a-service option.

“The Market in Financial Instruments Directive (MiFID) represents the most extensive reform ever seen by the European financial services industry. Key objectives of the MiFID include an increased level of investor protection and the integrity of markets throughout the European Union. These objectives have warranted the introduction of a range of organizational requirements and procedures for MiFID-firms. INSIDeR Professional is our response to help MiFID-firms’ compliance teams to deal with the most challenging of them, says Martin Villig, Managing Director of CSA Partners.”

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