Enforcement

Enforcement

UPDATED – South Korea Cracks Down on High-Risk Derivatives Sales

By Editors | 14/11/2019

Penalties for mis-selling are being toughened to include fines up to 30 million won and punitive fines up to 50 percent of unfair gains. New standards for professional investors also established.

Enforcement

UBS to Pay HK$600m in Fines and Compensation for Overcharging Clients

By Editors | 12/11/2019

The SFC reprimanded and fined UBS for overcharging clients over a ten-year period, affecting 5,000 Hong Kong-managed client accounts in over 28,000 transactions.

Enforcement

AFCA Launches Consumer Complaint Monitoring Tool

By Garima Chitkara | 12/11/2019

Datacube will allow Australian consumers to see how financial institutions are responding to complaints brought to the one year-old consumer complaints body.

Enforcement

Former HKTV Staff Member Jailed for Insider Dealing

By Editors | 09/11/2019

HKTV’s former senior regulatory affairs manager made over HK$160,000 in profit from trading on insider information in December 2013.

Enforcement

Former PBOC Official Under Probe for ‘Legal Violations’

By Editors | 08/11/2019

Reports indicate the investigation might be related to third-party payment licences issued by the central bank between 2011 and 2015.

Enforcement

SFC Bans Former HSBC Relationship Manager for One Year

By Editors | 07/11/2019

The former relationship manager used incomplete application forms pre-signed by the client to effect unit trust transactions without specific authorisation.

Enforcement

China Forestry Liquidators File Lawsuit Against Pre-IPO Auditor

By Editors | 05/11/2019

The plaintiffs allege that KPMG “negligently failed to identify that they were the victims of a serious and pervasive false accounting by former members of executive management.”

Enforcement

ASIC Initiates Civil Penalty Proceedings Against Former ANZ Business

By Editors | 04/11/2019

ASIC says that RI Advice Group, acquired by IOOF from ANZ last year, failed to take reasonable steps to ensure that one of its advisers, John Doyle, provided appropriate advice and acted in clients’ best interests.

Enforcement

Annual Report Shows FMA Exceeded Litigation Budget by 50pc

By Editors | 03/11/2019

The government has approved a three-fold increase in the FMA’s litigation fund to NZ$6mn for the 2019/2020 year, a day before the annual report was released.