Enforcement

Enforcement

Korea FSS Formally Launches Probe Into Private Funds Industry

By Editors | 20/07/2020

Any misconduct detected during the probe will be referred to prosecutors and follow-up efforts will be made to protect investors. The probe is expected to continue until 2023.

Enforcement

Court Finds ex-HKMEx Head Guilty of Conspiracy to Defraud SFC

By Editors | 20/07/2020

The former head and CFO of now-defunct Hong Kong Mercantile Exchange conspired to hide the exchange’s true financial position and mislead the SFC into allowing it to retain its licence.

Enforcement

ASIC Charges Former MP with Fraud, Director Breaches

By Editors | 20/07/2020

Former MP Clive Palmer is said to have used his mining company to channel over A$12.1 million into his political party’s 2013 election campaign.

AML / KYC

China: Regulators Seize Nine FIs Linked to Tomorrow Group

By Editors | 20/07/2020

The CBIRC has seized control of four insurance companies and two trust companies, while the CSRC has taken over two securities firms and one futures brokerage.

Enforcement

ESMA Opens Probe Into Germany’s Wirecard Response

By Editors | 19/07/2020

ESMA’s fast track assessment will focus on whether BaFin and accounting watchdog FREP properly applied European guidelines on enforcing the reporting of financial information.

Enforcement

China Issues Authoritative Guidance on Handling Bond Disputes

By Editors | 16/07/2020

In disputes involving breach of contract, fraud or false statements – the issuer, its controlling shareholders, directors, and senior management will be held liable for bondholder losses.

Enforcement

Chinese Financial Regulators Vow Crackdown on Fraud

By Editors | 14/07/2020

The FSDC set out measures to speed up investigations and criminal prosecutions, increase penalties and civil compensation, and improve stock market delisting mechanisms.

AML / KYC

China Imposes Retaliatory Sanctions Against US Officials

By Editors | 13/07/2020

The US President said that a phase two trade deal with China isn’t under consideration, though China has continued to meet its commitments under the phase one deal signed in January.

Enforcement

CSRC Imposes Underwriting Restrictions on GF Securities

By Editors | 13/07/2020

14 GF Securities officers have also been barred from investment banking. The enforcement action is related to a $12.6bn fraud at drugmaker Kangmei Pharmaceutical.