Enforcement

Enforcement

SFC, CSRC to Facilitate Cross-Border Investigations

By Editors | 17/06/2019

The SFC and CSRC have agreed on a new cooperative framework to facilitate and coordinate cross-border investigations in “high impact or urgent cases”.

Securities / Derivatives

ICBC US Brokerage Unit Penalised for Unlawful ADR Practices

By Editors | 17/06/2019

ICBC Financial Services LLC will pay over $42m to the US SEC for improper handling of ‘pre-released’ ADRs, and $3m to the DOJ for conspiring to rig bids related to the release of ADRs.

Enforcement

Commonwealth Financial Planning Completes Enforceable Undertaking

By Editors | 13/06/2019

ASIC is satisfied that Commonwealth Financial Planning has completed the necessary steps to address a service model that charged fees for no service.

Enforcement

UPDATED – Merrill Lynch in KRX Crosshairs for High-Frequency Trading

By Editors | 12/06/2019

KRX probe to determine if Citadel’s HFT algorithm breached fair trade rules; Merrill Lynch reprimand to be decided following alleged market disruption.

Enforcement

China Corruption Watchdog Appoints New Boss for ICBC Shanghai

By Editors | 12/06/2019

The appointment took employees by surprise on Friday as it was announced by an anti-corruption body official installed at ICBC rather than by the bank’s own chief.

Enforcement

SEBI Proposes Informant Mechanism to Combat Insider Trading

By Editors | 11/06/2019

SEBI wants to institute a process that incentivises timely reporting of instances of insider trading and provides for the granting of rewards to whistleblowers.

Enforcement

S. Korea: Nine Securities Firms, KSD Face Disciplinary Action

By Editors | 11/06/2019

The Korea Securities Depository and nine brokerages are facing penalties for inadequate internal controls over their offshore equities trading

Enforcement

UPDATED – Citigroup Japan Fined, Ordered to Improve Internal Controls

By Editors | 10/06/2019

Having failed to detect after hours spoofing by a London trader, Citigroup Global Markets Japan has been fined, ordered to improve its controls, and suspended from participating in JGB auctions.

Enforcement

Switzerland Fines Five Global Banks Involved in FX Trading Cartel

By Editors | 10/06/2019

Adding to the European Commission’s $1.2bn fine last month, Citigroup, Barclays, RBS, JP Morgan and MUFG have been fined $91mn by the Swiss Competition Commission.