Enforcement

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.

Enforcement

RBI Issues Finalised Guidelines on Market Abuse

By Editors | 18/03/2019

The new rules against market abuse cover market and benchmark manipulation and the misuse of information in markets regulated by the RBI.

AML / KYC

Securities Commission Malaysia Issues Show-cause Notice to Goldman

By Editors | 15/03/2019

Malaysia’s securities regulator has reportedly issued a show-cause notice to Goldman Sachs, assumed to be in connection with the multi-billion dollar 1MDB scandal.

Enforcement

SFC Fines UBS and Others HK$787mn for IPO Sponsor Failures

By Manesh Samtani | 15/03/2019

“The sanctions send a strong and clear message to the market that we will not hesitate to hold errant sponsors accountable for their misconduct,” said SFC chief Ashley Alder.

Enforcement

APRA to Publish Names of Worst Performing Super Funds

By Editors | 15/03/2019

APRA plans to publish the names of Australia’s worst performing superannuation funds in a drive to improve investor outcomes, standards and accountability in the industry.

AML / KYC

Anarchy in the UK’s Sanctions Regime

By Eric A. Sohn | 13/03/2019

In light of the OFSI’s recent fine on Raphaels Bank, Eric Sohn at Dow Jones Risk & Compliance looks at other seemingly outsized penalties, and what they could mean.

Enforcement

Australian Banks Taking Too Long to Fix ‘Fees-For-No-Service’ Failings – ASIC

By Editors | 12/03/2019

Delays attributed to poor record-keeping and systems, failures to implement methodologies to identify and compensate customers, and an overly legalistic approach at some institutions.

Enforcement

UBS, StanChart to Settle Hong Kong IPO Misconduct Case

By Editors | 12/03/2019

The case goes back to the 2009 listing of a Chinese timber company, which was later suspended for accounting irregularities. Details of the settlement will be released at a later date.