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Enforcement
Philippine Court Jails Broker for Illegal Trading in 1999
By Editors | 30/05/2021
The court’s decision represents the first conviction won by the SEC after two decades of pursuing stockbrokers and investors linked to the case.
Enforcement
CSRC Chongqing Bureau Director Removed for Corruption
By Editors | 29/05/2021
The CCDI and CSRC said corruption and bribery ran throughout Mao Bihua’s career. The case has been referred to prosecutors.
Enforcement
ASIC Files Criminal Charges Against ME Bank
By Editors | 29/05/2021
ME bank made “false or misleading” representations in home loan customer communications and failed to give timely notice of changes to the loan terms.
Enforcement
FSC Korea Provides No-Action Relief on Consumer Protection Law
By Editors | 29/05/2021
Action will not be taken against violations of regulations introduced or strengthened by the new Financial Consumer Protection Act until 24 September.
Enforcement
Ant Group Suspends ABS Products Amid Regulatory Pressure
By Sanday Chongo Kabange | 28/05/2021
The suspended asset-backed securities are backed by online loans sold on Ant Group’s online lending platforms, Huabei and Jiebei.
Enforcement
China Watchdog Exposes Corrupt Former Regulators
By Sanday Chongo Kabange | 28/05/2021
Regulators inspected Baoshang Bank on 50 occasions and deliberately avoided parts of the business that had significant potential risks.
Crypto / Digital Assets
Inner Mongolia Government Threatens Punishment for Crypto Mining
By Sanday Chongo Kabange | 28/05/2021
A new notice warns telecoms, big data centres and cloud computing companies of severe punishment if they engage in or facilitate crypto mining activities.
AML / KYC
AFP, AUSTRAC Probe Payments via Adult Content Site – Report
By Editors | 28/05/2021
Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.
Enforcement
SFC Fines Ewarton Securities Over Staff Trading Controls
By Manesh Samtani | 27/05/2021
A lack of internal controls resulted in Ewarton’s failure to detect and prevent unauthorised or improper activities by a licensed representative.
Enforcement
UPDATE: Former Adviser Jailed for Six Years in Australia
By Ranamita Chakraborty | 27/05/2021
Former adviser Ross Andrew Hopkins misappropriated about A$2.9mn of client funds without their knowledge over three years.
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A daily selection of top stories from the Regulation Asia editorial team