ENFORCEMENT

Enforcement

SFC Suspends China Merchants Securities Exec Over Sponsor Work

By Editors | 28/02/2019

The SFC said Wu Yinong breached the Code of Conduct and the Sponsor Guidelines when he was a sponsor principal in charge of supervising the execution of a 2009 listing application.

Enforcement

Westpac Faces Class Action for Irresponsible Lending

By Editors | 26/02/2019

Westpac has vowed to fight the claim, saying it takes its responsible lending obligations very seriously. But it could face a multi-million-dollar settlement if other borrowers join the class action.

Enforcement

Australia Passes Law Enhancing Whistleblower Protections

By Editors | 22/02/2019

The law expands the whistleblower definition, extends protections for those who report misconduct, and requires companies to have a whistleblower policy.

Enforcement

ASIC Finalises HSBC’s 2016 Enforceable Undertaking

By Editors | 21/02/2019

Under HSBC Australia’s remediation programme, the bank offered about A$690,000 in compensation to 104 clients who may have received inappropriate advice.

Enforcement

CSRC Probes Losses at GF Securities Hedge Fund

By Editors | 21/02/2019

The CSRC is seeking details about large trading losses at a hedge fund managed by GF Securities’ Hong Kong unit. Citigroup faces up to $180mn in losses on a loan to the fund.

Enforcement

Australia Expands Remit of New Financial Complaints Authority

By Editors | 21/02/2019

As the Royal Commission considered misconduct cases dating back to 1 January 2008, AFCA’s remit will be expanded to enable reviews of eligible complaints over the same period.

Enforcement

Hong Kong Finance Manager Convicted of Insider Dealing

By Editors | 21/02/2019

A GEM stock finance manager was in possession of inside information related to unaudited losses and an impending share suspension when he and his father sold their shares in the company.

Enforcement

China Freezes $1.5bn in Assets, Arrests 62 in P2P Purge

By Editors | 20/02/2019

Since last June, a crackdown on peer-to-peer lenders by China’s Ministry of Public Security, codenamed ‘Fox Hunt’, has yielded $1.5bn in seized assets and 62 arrests.

Enforcement

ASIC Issues Update on Implementation of Hayne Recommendations

By Editors | 20/02/2019

ASIC is considering over 40 enforcement cases, a number of which involve misconduct by large financial institutions, their employees or subsidiary companies.