ENFORCEMENT

Enforcement

SFC Fines Adamas Asset Management for Disclosure Failings

By Editors | 24/12/2019

The asset manager was fined HK$2.5mn for filing 339 incorrect or late notifiable interest disclosures to the SEHK and eight listed companies.

Enforcement

CFTC Charges HSBC Exec with Manipulation, Fraud

By Editors | 24/12/2019

The former head of HSBC’s North American interest rates business allegedly manipulated prices for five-year basis swaps used to price a bond issuance and a related swap.

Enforcement

ASIC Launches Court Proceedings Against Volkswagen Financial Services

By Editors | 24/12/2019

ASIC says Volkswagen contravened the responsible lending provisions of the National Credit Act in relation to 49,380 loan contracts.

AML / KYC

Westpac Faces Shareholder Class Action for Possible Disclosure Failures

By Editors | 23/12/2019

The class action, filed by law firm Phi Finney McDonald, will rest on whether Westpac breached disclosure obligations or misled investors about the extent of its AML compliance failures.

AML / KYC

SFC, CSRC Set Date for Southbound Investor Identification Regime

By Editors | 20/12/2019

With technical preparations now complete at exchanges and clearinghouses, southbound trading investor identification regime is scheduled for implementation on 13 January.

Enforcement

Westpac Ordered to Pay A$9.15m Penalty for Poor Advice

By Editors | 20/12/2019

In addition to the A$9.15 million penalty, Westpac is required to pay ASIC’s legal costs, and A$12.7 million in compensation to clients that received bad advice from one of the bank’s adviser.

Capital / Liquidity

ANZ Announces New Remediation Costs to ‘Fix’ 3.4m Customer Accounts

By Editors | 19/12/2019

At its AGM on Tuesday, ANZ announced an additional A$682mn charge for remediation work, where a total 3.4 million accounts “need fixing”.

Enforcement

China, US in Talks on Allowing Joint Inspections of Auditors

By Editors | 19/12/2019

The CSRC has reportedly been in talks with the US audit regulator on allowing joint inspections of firms that audit Chinese companies listed in the US.

AML / KYC

ICAC Charges Two in Bribery Scheme to Circumvent China Capital Controls

By Editors | 19/12/2019

A former CITIC branch manager accepted over HK$1mn in commissions for referring 6 bank clients to a money exchange company to remit money from the Mainland to Hong Kong.