ENFORCEMENT

Enforcement

SFC Fines Fidelity Unit for Unlicensed Futures Dealing

By Editors | 31/12/2019

FIL Investment Management executed over 6,700 futures trades for overseas affiliates without a Type 2 licence, and delayed reporting the breach to the SFC.

Enforcement

SEBI Fines Credit Rating Agencies Over IL&FS Failures

By Editors | 30/12/2019

Three rating agencies were fined for failing to recognise and quickly respond to deteriorating financial conditions at IL&FS, whose defaults last September triggered a liquidity crisis.

Enforcement

Former Hengfeng Bank Chairman Receives Death Sentence

By Editors | 29/12/2019

A two-year reprieve means the sentence will likely be commuted to life imprisonment for the 70-year old former chairman, after he was convicted for bribery, corruption and embezzlement.

AML / KYC

FINRA Fines Five Firms Over Custodial Accounts for Minors

By Editors | 29/12/2019

Citigroup, JP Morgan, LPL Financial, Morgan Stanley and Merrill Lynch failed to properly monitor custodial accounts to ensure assets were transferred to beneficiaries once they came of age.

Enforcement

FSA Orders Insurance Sales Halt at Japan Post Amid Misconduct Findings

By Editors | 28/12/2019

Two Japan Post Holdings subsidiaries are required to suspend insurance product sales for three months and submit business improvement plans by end-January.

Enforcement

Australia to Formalise ASIC-APRA Regulatory Cooperation

By Editors | 28/12/2019

The legislation will oblige ASIC and APRA to cooperate, share information with each other, and notify each other if they have a reasonable belief that there has been a breach of the other’s legislation.

Enforcement

SEBI Establishes Insider Trading Whistleblower Protection Office

By Editors | 28/12/2019

The ‘Office of Informant Protection’ is charged with receiving and processing information on insider trading disclosed by whistleblowers, and with protecting their identities.

Enforcement

CBIRC Inner Mongolia Official Under Corruption Probe

By Editors | 28/12/2019

The case reportedly relates to the official’s supervision of Baoshang Bank which was taken over by regulators in May due to “serious credit risks”.

Enforcement

China to Improve Mechanisms for Handling Bond Defaults

By Editors | 28/12/2019

Proposals include mechanisms for early detection and investigation of bond disputes, higher penalties for repayment failures, and lower costs for investors exercising litigation rights.