Enforcement

Enforcement

Australia Begins ‘Poor Advice’ Civil Proceedings Against Westpac

By Garima Chitkara | 18/06/2018

ASIC has begun civil proceedings against Westpac for failing to take necessary steps to ensure fair and efficient financial advice by Sudhir Sinha, a former financial advisor responsible for the breaches.

Enforcement

CSRC Warns New Economy Firms Against IPO Over-Pricing

By Garima Chitkara | 18/06/2018

CSRC has singled out five new economy firms whose share prices had “wild swings” or dropped significantly below their highs or offer prices soon after listing.

Enforcement

China’s Former CIRC Chief Pleads Guilty on Bribery Charges

By Manesh Samtani | 18/06/2018

Xiang Junbo pleaded guilty to taking $3mn in bribes during his six years as head of former insurance watchdog as well as earlier in his career at PBOC  and AgBank.

Enforcement

S. Korea Indicts 38 Bankers in Recruitment Probe

By Manesh Samtani | 18/06/2018

Charges against current and former bank officials involve hiring misconduct, special favours; 87% of hiring irregularities occurred at either KB Kookmin Bank or KEB Hana Bank.

Capital / Liquidity

China Cracks Down on ‘False Inflation’ of Bank Deposit Levels

By Manesh Samtani | 15/06/2018

China’s top financial regulators have issued a new circular that prohibits banks from falsely inflating their deposits, a common practice to improve quarterly and mid-year performance assessments.

Securities / Derivatives

China Cracks Down On Zero-Fee Bond Underwriting

By Garima Chitkara | 14/06/2018

The CSRC and the Securities Association of China reportedly sent a notice to brokers asking them to stop underwriting bond deals for free, a common practice in the country to maintain relationships with key clients and underwriting standings.

Enforcement

China, Hong Kong to Deepen Cross-Boundary Market Surveillance

By JP Reimann | 14/06/2018

Regulators discussed collaboration on market surveillance, intelligence sharing, coordinated investigations, and the establishment of a notification mechanism for cases involving dual listed shares and cross-boundary market misconduct.

Enforcement

FS-ISAC Establishes Global Forum for Cyber Threat Information Sharing

By Garima Chitkara | 14/06/2018

Inaugural global community CERES Forum to bring together financial regulators, central banks and supervisors to combat cyber and physical crime, enhancing financial sector resiliency.

Enforcement

S.Korea to Strengthen Supervision, Consumer Protection

By JP Reimann | 11/06/2018

New task force to improve consumer protection by holding firms more accountable for unlawful sales of financial products and services.