ENFORCEMENT

Enforcement

Lime Asset, Shinhan Investment Raided in Hedge Fund Misselling Probe

By Editors | 20/02/2020

Investigators were dispatched to both firms to secure computer drives and documents linked to alleged misselling and fraud at both firms.

Enforcement

HK Court Upholds SFC Power to Access Digital Devices in Investigations

By Editors | 19/02/2020

The SFC is empowered to access to email accounts and personal digital devices which may contain information relevant to its investigations, the court said.

Enforcement

APRA, ASIC Welcome Reforms on Superannuation Regulation

By Editors | 17/02/2020

ASIC will be focused on conduct issues involving superannuation trustees, while APRA will be focused on prudential supervision of trustee activities.

Enforcement

FSC Korea to Lower Derivatives Mis-selling Fines for Woori, KEB Hana

By Editors | 17/02/2020

The FSC will impose lower penalties than what was recommended by the FSS, citing the two banks’ cooperation and their agreements to compensate clients for damages.

Enforcement

ASIC Imposes Lifetime Ban on Macquarie Equities Adviser

By Editors | 17/02/2020

The adviser misrepresented the value of his client’s portfolio on 19 separate occasions, and engaged in trading without proper authority of the client.

Enforcement

HK SFC Fines Wealth Manager for Noncompliance with Taiwan Laws

By Editors | 17/02/2020

Capital Global Management Limited was distributing offshore investment funds and offering investment advice in Taiwan despite not being authorised by Taiwan’s regulator.

Enforcement

Korea to Strengthen Regulatory Framework for Hedge Funds

By Manesh Samtani | 15/02/2020

The FSC will cap illiquid investments at 50% for open-ended funds, require them to conduct regular stress tests, raise transparency of complex fund structures, and enhance supervisory monitoring.

Enforcement

Ex-China Development Bank Chairman Arrested for Bribes

By Editors | 14/02/2020

Hu Huaibang is said to have used his position to help CEFC China Energy and HNA Group obtain billions of dollars in credit that fuel their expansions.

AML / KYC

OFAC Quietly Blocks Payments with Indirect Links to North Korea – Report

By Editors | 14/02/2020

In private communications with banks, OFAC has been blocking usually-permissible payments with any overseas account that officials believe separately handled funds for North Korea.