ENFORCEMENT

Enforcement

APRA Uses New Directions Powers Against AMP Super

By Editors | 17/06/2019

AMP superannuation units have been ordered to make significant changes to their business practices, and to renew and strengthen their board.

Enforcement

SFC, CSRC to Facilitate Cross-Border Investigations

By Editors | 17/06/2019

The SFC and CSRC have agreed on a new cooperative framework to facilitate and coordinate cross-border investigations in “high impact or urgent cases”.

Securities / Derivatives

ICBC US Brokerage Unit Penalised for Unlawful ADR Practices

By Editors | 17/06/2019

ICBC Financial Services LLC will pay over $42m to the US SEC for improper handling of ‘pre-released’ ADRs, and $3m to the DOJ for conspiring to rig bids related to the release of ADRs.

Enforcement

Commonwealth Financial Planning Completes Enforceable Undertaking

By Editors | 13/06/2019

ASIC is satisfied that Commonwealth Financial Planning has completed the necessary steps to address a service model that charged fees for no service.

Enforcement

UPDATED – Merrill Lynch in KRX Crosshairs for High-Frequency Trading

By Editors | 12/06/2019

KRX probe to determine if Citadel’s HFT algorithm breached fair trade rules; Merrill Lynch reprimand to be decided following alleged market disruption.

Enforcement

China Corruption Watchdog Appoints New Boss for ICBC Shanghai

By Editors | 12/06/2019

The appointment took employees by surprise on Friday as it was announced by an anti-corruption body official installed at ICBC rather than by the bank’s own chief.

Enforcement

SEBI Proposes Informant Mechanism to Combat Insider Trading

By Editors | 11/06/2019

SEBI wants to institute a process that incentivises timely reporting of instances of insider trading and provides for the granting of rewards to whistleblowers.

Enforcement

S. Korea: Nine Securities Firms, KSD Face Disciplinary Action

By Editors | 11/06/2019

The Korea Securities Depository and nine brokerages are facing penalties for inadequate internal controls over their offshore equities trading

Enforcement

UPDATED – Citigroup Japan Fined, Ordered to Improve Internal Controls

By Editors | 10/06/2019

Having failed to detect after hours spoofing by a London trader, Citigroup Global Markets Japan has been fined, ordered to improve its controls, and suspended from participating in JGB auctions.