Enforcement

Hong Kong ICAC Charges Two Former AIA Agents With Fraud

25/10/2020

A former district manager and former insurance agent each face one count of fraud in separate cases for submitting false income proof statements.

Fintech / Regtech

Philippine Privacy Watchdog Warns Against Misusing Borrower Data

23/10/2020

Some online lenders are using illegally obtained personal data to shame or harass borrowers when they failed to meet their obligations.

Enforcement

ICAC Charges Two With Conspiracy To Defraud Lender

22/10/2020

The two falsely represented that 14 loan applications were referred to induce the licensed lender to pay about HKD 600,000 in referral fees.

Enforcement

Sydney Court Orders SocGen Securities to Pay A$30,000 Penalty

22/10/2020

SocGen pleaded guilty in July for failing to pay client money into segregated authorised bank accounts and for making payments out of a client money account that were not permitted.

Fintech / Regtech

India’s Gift City Regulator Introduces Regulatory Sandbox Framework

22/10/2020

All entities operating in the capital market, banking, insurance and pension sectors, as well as individuals and startups from India and FATF-compliant jurisdictions, are eligible.

Enforcement

Malaysia SRO Reprimands Two Unit Trust Consultants for Misconduct

22/10/2020

The two consultants allegedly schemed a plot to market, distribute and sell unit trust funds while they served as registered consultants of different entities.

Enforcement

Woori to Dismiss 19 Employees Following Unfair Recruitment Probe

21/10/2020

The Supreme Court ruled that 27 of Woori’s employees were involved in unfair hiring practices, 19 of which still work for the bank.

Market Infrastructure

FSTB to Introduce ‘Corporate Rescue’ Bill for LegCo Deliberation

21/10/2020

The FSTB also plans to introduce bills to provide targeted tax relief for private equity funds, enable a paperless securities market in Hong Kong, and progress work on the new eMPF platform.

Enforcement

SFC Imposes 24-month Market Ban for Takeovers Code Breach

20/10/2020

The mandatory general offer obligation under the Takeovers Code was triggered 20 times by AV Concept Holdings chairman and his concert parties.