Enforcement

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.

Capital / Liquidity

Australia Proposes Industry-Funded Compensation Scheme of Last Resort

By Editors | 25/12/2019

The scheme will ensure that consumers and small businesses receive a payout in cases where compensation has been awarded but the financial services provider is unable to pay.

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.