Enforcement

Enforcement

ASIC Charges Former MP with Fraud, Director Breaches

By Editors | 20/07/2020

Former MP Clive Palmer is said to have used his mining company to channel over A$12.1 million into his political party’s 2013 election campaign.

AML / KYC

China: Regulators Seize Nine FIs Linked to Tomorrow Group

By Editors | 20/07/2020

The CBIRC has seized control of four insurance companies and two trust companies, while the CSRC has taken over two securities firms and one futures brokerage.

Enforcement

ESMA Opens Probe Into Germany’s Wirecard Response

By Editors | 19/07/2020

ESMA’s fast track assessment will focus on whether BaFin and accounting watchdog FREP properly applied European guidelines on enforcing the reporting of financial information.

Enforcement

China Issues Authoritative Guidance on Handling Bond Disputes

By Editors | 16/07/2020

In disputes involving breach of contract, fraud or false statements – the issuer, its controlling shareholders, directors, and senior management will be held liable for bondholder losses.

Enforcement

Chinese Financial Regulators Vow Crackdown on Fraud

By Editors | 14/07/2020

The FSDC set out measures to speed up investigations and criminal prosecutions, increase penalties and civil compensation, and improve stock market delisting mechanisms.

AML / KYC

China Imposes Retaliatory Sanctions Against US Officials

By Editors | 13/07/2020

The US President said that a phase two trade deal with China isn’t under consideration, though China has continued to meet its commitments under the phase one deal signed in January.

Enforcement

CSRC Imposes Underwriting Restrictions on GF Securities

By Editors | 13/07/2020

14 GF Securities officers have also been barred from investment banking. The enforcement action is related to a $12.6bn fraud at drugmaker Kangmei Pharmaceutical.

Enforcement

Taiwan FSC Fines Chang Hwa Bank Over Client Theft

By Editors | 11/07/2020

A Chang Hwa Bank consultant was found to have used over $2mn of client money to make up losses for other clients over a ten year period.

Enforcement

ASIC’s Loss to Westpac is Terrible for Everyone

By Andy Schmulow | 11/07/2020

Despite its recent Federal Court loss, ASIC was right to appeal the dismissal of its responsible lending case against Westpac, says bank conduct specialist Dr Andy Schmulow.