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FCMC Imposes Fines to Renesource Capital and Its Chairman of the Board

FCMC Imposes Fines to Renesource Capital and Its Chairman of the Board

The Financial and Capital Market Commission (FCMC) and investment firm AS, Renesource Capital, have reached an administrative agreement, which stipulates a series of fines and legal obligations. According to the announcement, a fine of EUR 34,000 has been imposed on Renesource Capital for infringements of the Financial Instruments Market Law (FIML), and an additional penalty for the same amount for infringing the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing (AML law).

Furthermore, the FCMC imposed Mārtiņš Priede, the investment firm’s Chairman of the Board, a fine of EUR 2,900 per the administrative agreement reached.

“During the inspections, the FCMC identified a number of violations of regulatory requirements in the activities of Renesource Capital, such as applying covert commissions, providing incomplete and untimely information on expenses and costs before and after a transaction, failure to timely notify a customer of planned costs and expenses before the provision of investment services or ancillary services, as well as shortcomings in internal governance,” the commission said.

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Guidelines Provided to the Firm

Also, the AML law was also breached according to the inquiries made, as the FCMC claimed that Renesource Capital’s AML/CTPF internal control system was not effective enough. About the Chairman’s role, the commission noted: “As part of inspection, the FCMC concluded that Mārtiņš Priede, Chairman of the Board of Renesource Capital, as the responsible person for monitoring the AML/CTPF field, did not ensure that Renesource Capital took appropriate measures to guarantee effective functioning of AML/CTPF internal control system and independence of risk management functions, thereby exposing Renesource Capital to the money laundering and reputational risks.”

The FCMC also provided further guidelines to the investment firm to comply with the specified time limits. Moreover, the commission urged Renesource Capital to enhance its internal control system to prevent future sanctions for violating the Financial Instruments Market Law.

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UP Fintech Proposes Public Offering of American Depositary Shares

UP Fintech Proposes Public Offering of American Depositary Shares

UP Fintech Holding Limited (NASDAQ: TIGR), a leading Asian online brokerage firm, announced on Monday its intentions to offer and sell 6,500,000 American Depositary Shares (ADSs) – each one representing 15 Class A ordinary shares of the company in an underwritten public offering. According to a press release, the underwriters will have a 30-day option to purchase up to an additional 975,000 ADSs from UP Fintech.

With the ADS offering, the Asian brokerage company seeks to expand its customer base and bolster customer engagement across its multiple services, the announcement says. Moreover, UP Fintech wants to allocate more investment funds in developing products, services, and technology resources to improve its operating efficiency and processes.

“Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Tiger Brokers (NZ) Limited will act as the joint bookrunners for the proposed ADS offering. The proposed ADS offering will be made pursuant to an automatic shelf registration statement on Form F-3 filed with the United States Securities and Exchange Commission (the ‘SEC’) and is available on the SEC’s website at www.sec.gov, which automatically became effective upon filing,” UP Fintech clarified on its statement.

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Also, the brokerage firm added – following SEC guidelines – that the announcement doesn’t constitute an offer to sell or a solicitation of an offer to buy the securities described above.

Recent Financial Results

Based in Beijing, China, UP Fintech recently published its unaudited first quarter 2021 financial results. According to the report, total revenues were $81.3 million, a 255.5% increase from the Q1 of 2020, and were boosted by solid gains in commissions, interest income, and revenues derived from its corporate business.

“The growth in our corporate businesses accelerated in the first quarter. Market adoption of our ESOP service has been phenomenal; we added 41 clients in the first quarter and now serve 165 in total. On the investment banking side, in the first quarter, we participated in 14 IPOs, of which we underwrote eight,” the company said in a statement at that time.

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