ENFORCEMENT

Enforcement

ASIC Bans Ex-AMP, NAB Adviser for Four Years

By Editors | 09/01/2020

An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.

Enforcement

Nine Korean Banks Face Legal Action for Selling Loss-Making Funds

By Editors | 09/01/2020

Investors are reportedly preparing for a suit against banks which sold them loss-making funds from Lime Asset Management without properly disclosing the risks.

Enforcement

HKEX Updates Rules for Southbound Investor Identification Regime

By Editors | 08/01/2020

The rule update requires the China broker to keep records of all submitted orders, SEHK trades and related client instructions for a minimum of 20 years.

Enforcement

CSRC Issues Administrative Penalty Against Chinalin Securities

By Editors | 08/01/2020

Chinalin Securities is prohibited from expanding the scale of its business for three months for violating regulations on internal controls, compliance inspections and governance failures.

Enforcement

Korea: Lime Asset Faces Legal Action for Concealing Hedge Fund Losses

By Editors | 06/01/2020

Lime Asset Management suspended redemptions in three funds in October. One of them had 240bn won invested with New York-based IIG, which has since been charged with securities fraud.

Enforcement

Shanghai Bourse Launches New Market Surveillance System

By Editors | 06/01/2020

The new monitoring system will enhance the effectiveness of front-line supervision, ensure fair transactions, and promote the stable and healthy development of the capital market, the SSE says.

Enforcement

SFC Fines RHB Securities for Internal Control Failures

By Editors | 02/01/2020

RHB Securities failed to effectively implement its policy for avoiding conflicts of interest between its research reports and investment banking relationships, among other compliance issues.

Enforcement

CLSA, CITIC Securities Censured for Breaching Share Buyback Rules

By Editors | 02/01/2020

CLSA and CITIC Securities carried out pre-arranged trades on the SEHK to allow Beijing Enterprises Holdings to buyback its shares without regulatory or shareholder approval.

Enforcement

Indian Police Lay Charges Against Five in PMC Bank Fraud Case

By Editors | 01/01/2020

The 32,000-page charge sheet lays out charges against three executives from PMC Bank and two promoters of HDIL, which received about 67bn rupees in ‘hidden’ loans.