Enforcement

Enforcement

ANZ Agrees to Settle 2010 Fees-Related Class Action for A$1.5m

By Editors | 11/07/2019

Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.

Enforcement

Singapore Convicts Three Front-Runners Under Insider Trading Laws

By Editors | 11/07/2019

Two First State equity dealers told a UOB Kay Hian remisier about their firm’s intended orders to front-run trades in 100 counters, leading to over S$8mn in insider trading profits over 8 years.

Enforcement

SFC Fines Celestial Commodities for Mishandling Client Money

By Editors | 10/07/2019

Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.

Enforcement

ASIC to Target Short Term Credit Industry With New Powers

By Editors | 10/07/2019

Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC’s proposed first use of its new product intervention power.

Enforcement

Chinese Payments Provider Caught Embezzling Funds – Report

By Editors | 10/07/2019

China-based UCF Pay, a subsidiary of Hong Kong-listed Chong Sing Holdings, reportedly used client funds for other purposes, causing a shortfall of ¥240mn.

Enforcement

Punjab National Bank Detects $550mn Fraud by Indian Steelmaker

By Editors | 09/07/2019

Punjab National Bank says Bhushan Power & Steel misappropriated bank funds and manipulated its books to raise funds from lenders.

Enforcement

ICBC Shanghai Branch Deputy Under Investigation – Report

By Editors | 09/07/2019

Regulators have reportedly found ICBC’s Shanghai branch deputy head to be in violation of regulations related to fundraising and buying wealth management products.

Enforcement

PBOC Suspends Traders for ‘Abnormal’ Overnight Repo Transactions

By Editors | 09/07/2019

The trades involved overnight bond repo transactions in the interbank market at prices below normal market rates.

Enforcement

SFC Warns Against Misconduct Involving Acquisitions, Disposals

By Editors | 06/07/2019

Directors of listed companies have a duty to exercise due and reasonable care, skill and diligence when evaluating or approving the acquisition or disposal of a company or business.