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Enforcement
Australian Court Dismisses ASIC Lawsuit Against CBA
By Editors | 03/10/2022
The Federal Court ruled that ASIC failed to establish that CBA received conflicted remuneration when distributing Colonial First State’s superannuation product.
AML / KYC
FINRA Issues New Penalties Guidance for Rule Violations
By Editors | 03/10/2022
Large firms face penalties with no upper limit if they fail to reasonably monitor for and report suspicious transactions.
Capital / Liquidity
APRA Removes CBA’s Remaining A$500m Capital Add-on
By Editors | 03/10/2022
The A$1bn capital add-on imposed on CBA in May 2018 was halved in November 2020, and has now been completely removed.
AML / KYC
US, UK, Canada, Australia Announce More Russia Sanctions
By Manesh Samtani | 03/10/2022
The sanctions are a response to Putin’s attempt to annex four regions of Ukraine, after holding referendums that have been denounced as illegal and coercive.
Enforcement
US SEC Fines Deloitte China Over Audits of US-Listed Companies
By Editors | 02/10/2022
Deloitte China personnel asked certain Chinese clients to select their own samples for testing and prepare their own audit documentation.
Enforcement
US SEC Fines Barclays $361m for Securities Over-issuances
By Editors | 02/10/2022
Barclays did not have controls in place to track offers and sales of securities against the amount of registered offers and sales.
Enforcement
Enhanced Penalties for Data Breaches Take Effect in Singapore
By Editors | 02/10/2022
Organisations with annual turnover exceeding S$10mn are liable for penalties for data breaches worth up to 10% of annual turnover.
Enforcement
Japan SESC Seeks Penalty Order Against SMBC Nikko Securities
By Editors | 30/09/2022
The SESC has recommended that the FSA punish SMBC Nikko Securities for stock price manipulation and shortfalls in its trading surveillance system.
Crypto / Digital Assets
Thai SEC Takes Legal Action Against Wash Trading in Crypto
By Sanday Chongo Kabange | 30/09/2022
The prosecution is required because the defendants, including two entities and three individuals, did not agree to the penalties prescribed by the SEC.
Enforcement
FSC Korea to Introduce New Penalties for Unfair Trade Practices
By Sanday Chongo Kabange | 30/09/2022
Violators could be banned from trading, account opening, and serving as listed company directors for up to 10 years.
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