Enforcement

AML / KYC

FINRA Fines Five Firms Over Custodial Accounts for Minors

By Editors | 29/12/2019

Citigroup, JP Morgan, LPL Financial, Morgan Stanley and Merrill Lynch failed to properly monitor custodial accounts to ensure assets were transferred to beneficiaries once they came of age.

Enforcement

FSA Orders Insurance Sales Halt at Japan Post Amid Misconduct Findings

By Editors | 28/12/2019

Two Japan Post Holdings subsidiaries are required to suspend insurance product sales for three months and submit business improvement plans by end-January.

Enforcement

Australia to Formalise ASIC-APRA Regulatory Cooperation

By Editors | 28/12/2019

The legislation will oblige ASIC and APRA to cooperate, share information with each other, and notify each other if they have a reasonable belief that there has been a breach of the other’s legislation.

Enforcement

SEBI Establishes Insider Trading Whistleblower Protection Office

By Editors | 28/12/2019

The ‘Office of Informant Protection’ is charged with receiving and processing information on insider trading disclosed by whistleblowers, and with protecting their identities.

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.