Sanday Chongo Kabange
Sanday Chongo Kabange is an experienced multimedia journalist and a contributor to Regulation Asia. He focuses on compliance, regulatory and legal issues for financial services.
Articles by Sanday Chongo Kabange
Market Abuse
US SEC Fines Citadel Securities for Violating Short-Selling Rules
24/09/2023
Citadel agreed to pay $7mn to settle charges that it incorrectly marked short sale orders as long sales, and vice versa, over a five year period.
Resolution & Recovery
MAS Announces Decision to Increase Deposit Insurance Limit
24/09/2023
MAS will increase the maximum deposit insurance coverage from the current S$75,000 to S$100,000, starting from 1 April 2024.
Conduct, Culture & Accountability
SEC Fines Goldman for Submitting Inaccurate Securities Trading Data
24/09/2023
Goldman Sachs has agreed to USD 6 million for submitting deficient submissions that included missing or inaccurate trade data for at least 163 million transactions.
Operational Risk
FSS Korea Issues Warning Against Fisheries Cooperatives Federation
24/09/2023
The FSS management cautions and improvement requests to the National Federation of Fisheries Cooperatives for a failed overseas investment.
Clearing & Post-Trade
OCBC Joins LCH SwapClear and HKEX’s OTC Clear
24/09/2023
Direct clearing membership with LCH SwapClear and OTC Clear will help lower costs and enable better hedging tools for investors.
Conduct, Culture & Accountability
Australia Court Fines NAB $1.3m for Overcharging Customers
23/09/2023
The penalty was the maximum allowed by legislation that existed at the time of the contravening conduct. The court said a penalty “several times” higher would have been more appropriate.
Structural Regulation
ASIC Postpones Financial Adviser Registration to 2024
22/09/2023
The financial adviser registration requirement was initially due to commence in January 2023. This is now the third extension.
Fraud, Scams & Cybercrime
SFC Confirms Crypto Firm JPEX Never Approached it About Licensing
22/09/2023
JPEX breached the SFO and AMLO by publishing confidential correspondence with the SFC. Three more arrests have been made.
Market Abuse
ASIC Fines Interactive Brokers Over Client’s Suspicious Trading
21/09/2023
ASIC said the firm was ‘negligent’ in its failure to identify suspicious trading by a client and ‘reckless’ in continuing to allow further suspicious trading after ASIC raised concerns.
Cryptocurrency
ASIC Sues Crypto Exchange for Margin Trading Product
21/09/2023
ASIC says Bit Trade did not comply with its design and distribution obligations when offering a margin trading product to Australian customers.
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