ENFORCEMENT

Enforcement

New Financial Complaints Body Launches in Australia

By Editors | 02/11/2018

AFCA will influence reform in financial services by raising standards and improving internal practices to reduce and resolve disputes, said the body’s independent chair Helen Coonan.

Securities / Derivatives

S. Korea Scales Up Stabilisation Fund as Market Hits 22-Month Low

By Manesh Samtani | 30/10/2018

The 500 billion won fund will start investing in the KOSDAQ from November. Separately, market participants will establish an emergency monitoring system to better respond to instability.

Enforcement

Taipei Fubon Bank Fined as Two Officers Misappropriate Client Funds

By Editors | 29/10/2018

The FSC has fined the bank $129,000 for internal control failures that allowed two of its officers to misappropriate client funds, and ordered it to dismiss the officers responsible.

Enforcement

ASIC to Begin Embedding Staff within Banks Starting with CBA

By Garima Chitkara | 26/10/2018

ASIC officials will begin working at CBA starting from next week and will go in and out of other institutions, focusing on institutional behaviour and decision making.

Enforcement

CBIRC Fines 13 Lenders for Failing to Monitor Consumer Loan Borrowers

By Editors | 26/10/2018

The regulator is trying to prevent the use of consumer credit in speculative investments as part of its efforts to curb risks to the financial system.

Enforcement

ASIC Will Use Every Power Available to Punish Dishonest Behaviour – Shipton

By Manesh Samtani | 19/10/2018

The Royal Commission has reinforced that the financial industry has abandoned its core role of being custodians of other peoples’ money, said ASIC chair James Shipton.

Enforcement

Scandal-Hit Chinese Drug Maker Faces CSRC Fine

By Garima Chitkara | 17/10/2018

The CSRC’s 600,000 yuan fine on Changsheng Biotechnology for falsifying data for a rabies vaccine form a small part of the 9.1 billion yuan it will have to pay.

Enforcement

S. Korea to Toughen Penalties for Naked Short Selling

By Editors | 15/10/2018

New legislative revisions could subject illegal short sellers to up to 10 years imprisonment and fines amounting to 1.5 times profits on short selling.

Enforcement

SFC Ramps Up Enforcement Against Capital Market Abuse

By Manesh Samtani | 12/10/2018

Life is about to get very uncomfortable for those who abuse Hong Kong’s capital markets, said the SFC’s Thomas Atkinson at the 2018 Refinitiv Pan Asian Regulatory Summit.