Enforcement

Enforcement

ASIC Takes ANZ Bank to Court for Unlawful Fees

By Editors | 26/07/2019

ANZ charged fees on transactions between its customers’ own accounts, despite the fees only being applicable to transactions made to “another person or business”.

Enforcement

China Hands IPO Bans to 139 Funds on STAR Market Violations

By Editors | 25/07/2019

The funds were handed bans of 6 and 12 months for making IPO applications for shares on Shanghai’s new tech board that exceeded the size of their investments.

Capital / Liquidity

APRA Orders Three Banks to Tighten Group Funding Arrangements

By Editors | 25/07/2019

Macquarie, Rabobank and HSBC had provisions in group funding agreements that could allow funding to be withdrawn in a stress scenario, potentially undermining their stability.

Capital / Liquidity

PBOC Sets Out Beijing Penalties for Deposit Reserve Violations

By Editors | 24/07/2019

Draft measures from the PBOC set out four types of penalties Beijing-based financial institutions must pay when their deposit reserves fall below statutory requirements.

Fintech / Regtech

Govt Panel Formally Recommends Complete Crypto Ban in India

By Manesh Samtani | 24/07/2019

An inter-ministerial committee has formally recommended a complete ban on cryptocurrencies in India and to punish any crypto-related activity with up to 10 years’ jail.

Capital / Liquidity

CBIRC to Launch Special Inspections Targeting Property Lending Practices

By Editors | 24/07/2019

The special inspections will reportedly involve 75 banks in 30 cities, scrutinising all aspects of property-related loans, as regulators seek to rein in risk.

Enforcement

Equifax to Pay Up to $700m to US Authorities for 2017 Data Breach

By Editors | 24/07/2019

The penalty amounts allocated to the consumer compensation fund represent less than 3 US dollars for each of the estimated 147 million consumers who had their data stolen in 2017.

Big Picture

New Zealand FMA Sets Out Key Focus Areas, Strategic Objectives

By Editors | 24/07/2019

The FMA is prioritising governance, culture, systems and controls, as well as mechanisms to deter misconduct and facilitate informed decision-making by investors and customers.

Enforcement

Hong Kong ICAC Charges Five More Individuals in Convoy Case

By Editors | 23/07/2019

Six individuals are now charged with conspiracy to defraud the Hong Kong stock exchange and the board of directors, shareholders and investors of Convoy.