ENFORCEMENT

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    Enforcement

    SFC Penalises Chee Tak Securities and MIC for Regulatory Breaches

    By Editors | 19/09/2023

    Chee Tak Securities had no written manuals, policies and procedures on recording order instructions, ongoing monitoring, trade surveillance or employee dealing.

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    Enforcement

    Affin Hwang Dealer Punished for Misusing Client Funds

    By Editors | 18/09/2023

    The Affin Hwang Investment Bank dealer’s representative executed personal and unauthorised trades in clients’ accounts.

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    Enforcement

    Chinese Police Arrest Employees of Evergrande Wealth

    By Editors | 18/09/2023

    Investors who bought Evergrande wealth management products are asked to report their cases. Evergrande’s life insurance unit has also been taken over.

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    Crypto / Digital Assets

    HKMA, SFC Warn of Illegal Offerings by Crypto Firms

    By Sanday Chongo Kabange | 18/09/2023

    The HKMA warned about crypto firms labelling themselves as banks. The SFC warned about a crypto firm called JPEX which falsely claims to be licensed.

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    Enforcement

    MAS Imposes 9-Year Ban on Directors of Three Arrows Capital

    By Manesh Samtani | 15/09/2023

    MAS reprimanded the bankrupt crypto hedge fund for regulatory violations last June. The regulator has since uncovered additional violations.

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    Enforcement

    RHB Investment Bank Fined, Reprimanded for Sponsor Failures

    By Editors | 15/09/2023

    RHB failed to conduct proper due diligence on an ACE Market listing applicant and to ensure submissions to Bursa Malaysia were complete and accurate.

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    Enforcement

    Singapore: Former MOM Officer Jailed Over Unauthorised Access to DBS Data

    By Mark Johnston | 15/09/2023

    A former MOM employee has been sentenced to five weeks’ jail for asking former DBS employee to find out his ministry colleagues’ salaries.

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    Crypto / Digital Assets

    US SEC Settles Second NFT-related Enforcement Action

    By Editors | 14/09/2023

    Animated web series creator will pay $1mn to settle SEC claims that it conducted an unregistered offering of crypto asset securities. Two commissioners dissented.

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    Enforcement

    US Court Sentences Co-Founder of “OneCoin” Fraud to 20 Years

    By Editors | 14/09/2023

    OneCoin was a fraudulent cryptocurrency that was sold through a pyramid scheme to millions of people from 2014-2016, resulting in $4bn in worldwide losses.

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    Enforcement

    Former China Life Chairman Received Suspended Death Sentence

    By Editors | 14/09/2023

    Wang Bin was sentenced for accepting bribes worth CNY 325 million and illegally concealing CNY 54.2 million in overseas deposits.

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