ENFORCEMENT

Enforcement

MAS Revokes Fund Manager’s CMS Licence for Regulatory Breaches

By Editors | 16/12/2019

The CMS licensee is a Singapore company set up by CT Bright Holdings Limited, a joint investment vehicle formed by Thai conglomerate CP Group and Japan’s ITOCHU Corporation.

Enforcement

FSC Korea Finalises Measures to Protect Investors From Risky Products

By Editors | 16/12/2019

The sale of highly complex derivative products will still be banned, but banks will be allowed to sell equity-linked trusts linked to the KOSPI 200, S&P 500, Euro Stoxx 50, HSCEI or Nikkei 225.

Enforcement

APRA Imposes Licence Conditions on CBA-owned Avanteos Investments

By Editors | 13/12/2019

CBA-owned Avanteos Investments charged over 2200 deceased members adviser service fees for 15 years, resulting in a total financial impact of over A$6mn.

AML / KYC

HSBC Switzerland to Pay $192mn to Settle US Tax Evasion Probe

By Editors | 12/12/2019

HSBC Switzerland has admitted to conspiring with US taxpayers to evade taxes and helping them to hide more than $1bn in assets from tax authorities.

Enforcement

Japan SESC Recommends $22mn Fine for Nissan Underreporting

By Editors | 11/12/2019

The fine would be Japan’s second-largest ever for false reporting on a corporate financial statement, after the 7.3 billion yen fine imposed on Toshiba in 2015.

Enforcement

Samsung Execs Jailed for Burying Evidence in Accounting Probe

By Editors | 11/12/2019

Employees were ordered to destroy and conceal internal documents, including by burying nearly two dozen computers and notebooks as well as computer servers beneath factory floors.

Enforcement

SEBI Bans Fidelity Trader and Family Members for Front-Running

By Editors | 10/12/2019

The trader used non-public information to front-run impending trades of Fidelity Group entities with his mother and sister’s trading accounts from Hong Kong.

Enforcement

Former CSRC Shandong Official Expelled from CCP For Graft

By Editors | 10/12/2019

Xu Tie was placed under investigation earlier this year, 6 years after his retirement from the Shandong bureau of the CSRC.

Enforcement

ASIC Files Criminal Charges Against Ex-APRA Manager for False Documents

By Editors | 06/12/2019

The former APRA senior manager has been criminally charged for providing false documents to the regulator while serving as CEO of a credit union.