Enforcement

Enforcement

Japan FSA Fines Nissan $22m Over Ghosn Misconduct

By Editors | 01/03/2020

The fine is the second-highest penalty ever imposed by the FSA, and a response to 8 years of under-reported remuneration by Nissan’s former chairman Carlos Ghosn.

Enforcement

IOOF Faces Shareholder Class Action for Misconduct Non-disclosure

By Editors | 27/02/2020

Reports of potential misconduct first appeared in June 2015, followed by senate hearings and questioning from the Royal Commission, resulting in shareholder losses.

Enforcement

ASIC Reveals Sharp Increase in Investigations Involving Major FIs

By Editors | 27/02/2020

As of 1 January, ASIC had 316 investigations on foot related to misconduct. Cases involving CBA, NAB, Westpac, ANZ and AMP increased 52% from 12 months earlier.

Enforcement

ASIC Probes Brokers for Exploiting Wholesale Investor Rules – Report

By Editors | 26/02/2020

Some stockbrokers reportedly mis-classified retail clients as sophisticated investors in order to sell them poor-performing listed investment funds.

Enforcement

HKEX Finds Compliance Deficiencies at Exchange, Clearing Participants

By Editors | 25/02/2020

HKEX has asked 95 participants to address deficiencies relating to position limits and large open position reporting, risk management and China Connect trading activities.

Securities / Derivatives

SFC Highlights Key Regulatory Initiatives in Quarterly Report

By Editors | 25/02/2020

Among the initiatives were the launch of the new OFC regime for private fund managers, a regulatory framework for virtual assets, and enhancements to the investor compensation regime.

AML / KYC

Huawei Alleges HSBC Continued Evading Sanctions After 2012 DPA

By Editors | 20/02/2020

HSBC continued to evade Iran sanctions after its 2012 deferred prosecution agreement with the US Department of Justice, Huawei lawyers say in a letter to a New York District Court.

Enforcement

Taiwan FSC Fines Cathay Life for Lax Sales Controls

By Editors | 20/02/2020

Cathay Life failed to improve its internal controls for sales agents and its insurance underwriting mechanism despite complaints from 14 customers.

Enforcement

Lime Asset, Shinhan Investment Raided in Hedge Fund Misselling Probe

By Editors | 20/02/2020

Investigators were dispatched to both firms to secure computer drives and documents linked to alleged misselling and fraud at both firms.