Enforcement

Enforcement

Singapore Court Issues First Jail Sentence for 2013 Penny Stock Crash

By Editors | 22/03/2019

Former Ipco International interim CEO Goh Hin Calm was sentenced to three years imprisonment for his role in the 2013 multi-billion-dollar penny stock crash.

Enforcement

UK FCA Fines UBS for MiFID Transaction Reporting Failures

By Editors | 22/03/2019

Over 9.5 years, UBS AG made 135.8 million errors in its transaction reporting, over a third of which involved erroneously reported transactions which were not in fact reportable.

Securities / Derivatives

SFC Orders Brokers to Freeze Client Assets in Market Manipulation Case

By Editors | 22/03/2019

The prohibition orders as part an investigation into suspicious trading which appeared to create a false market in China Ding Yi Feng shares leading to an “irrationally high share price”.

Enforcement

Indian Billionaire Arrested in London over $2bn Bank Fraud

By Editors | 22/03/2019

India’s diamond billionaire, Nirav Modi, has been arrested in London for his alleged role in a $2bn fraud at Punjab National Bank reported last year.

AML / KYC

MAS Details Enforcement Outcomes, Priorities in Inaugural Report

By Manesh Samtani | 20/03/2019

The inaugural enforcement report reveals that MAS issued S$16.8mn in financial penalties and S$698,000 in civil penalties over 18 months.

Enforcement

AFCA Consults on Expanded Remit to Cover Legacy Complaints

By Editors | 20/03/2019

The consultation follows the government’s recent expansion of AFCA’s remit allowing it to handle legacy complaints dating back to 1 January 2008.

Enforcement

Singapore Court Rules in First Case Involving Cryptocurrency

By Manesh Samtani | 19/03/2019

The Singapore International Commercial Court has ruled that crypto exchange Quoine was liable for a “breach of contract and breach of trust” by reversing seven trades in April 2017.

Enforcement

Australia Consults on Making Industry Codes Legally Enforceable

By Editors | 19/03/2019

The Treasury is proposing legislative amendments to make industry codes of conduct legally enforceable, where contraventions will constitute a breach of the law.

Enforcement

SFC Fines BOCI Securities for ‘Systemic Deficiencies’ in Selling Practices

By Editors | 19/03/2019

BOCI Securities failed to comply with requirements relating to client profiling, product due diligence, and suitability assessment in its sale and distribution of investment products.