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Enforcement
China Market Supervisor Issues Fines Against Luckin Coffee
By Editors | 22/09/2020
Luckin was able to falsely inflate revenue, costs and profits last year with the help of 43 third-party companies, which have also been fined.
Enforcement
ASIC Directs Fund Managers to Correct Product Mislabelling
By Editors | 22/09/2020
ASIC has identified 14 funds using the term ‘cash’ in their names in a confusing and inappropriate way, and 3 others with a significant liquidity mismatch.
Big Picture
A New Zero Tolerance Era for ESG Reporting
By Editors | 22/09/2020
As nations across the globe come to terms with understanding and tackling climate change, mandatory reporting of such risks across capital markets could well become the norm.
Enforcement
SFC Suspends Former Licensed Rep for Over Discretionary Trading
By Editors | 22/09/2020
The former Ewarton Securities representative placed his own orders within 30 seconds ahead of those placed for the client’s account.
Securities / Derivatives
SEBI Modifies NAV Rules for Mutual Fund Schemes
By Sanday Chongo Kabange | 22/09/2020
The move is expected to create a more level playing field for all mutual fund investors and promote greater use of digital payment channels.
AML / KYC
Sri Lanka: CSE Enables Digital ID Verification for Account Opening
By Duruthu E Chandrasekera | 22/09/2020
The CSE and Central Depository System can digitally verify national ID card details against information held by the Department for Registration of Persons.
Enforcement
Korea FSS Fines Four Foreign Fund Managers for Naked Short Selling
By Editors | 22/09/2020
One firm was fined KRW 360mn for failing to borrow KRW 13mn worth of stock prior to short-selling, a penalty of more than 27 times the amount short-sold.
Securities / Derivatives
Malaysia Launches Physically Delivered MGS Futures Contract
By Editors | 21/09/2020
The revised contract will enhance risk management at FIs and allow them to hedge interest rate risks, while also providing new trading opportunities for other market participants.
Securities / Derivatives
IOSCO Publishes Guidance on Debt Raising Conflicts of Interest
By Editors | 21/09/2020
The final guidance presents nine measures that address potential conflicts of interest and associated conduct risks when issuers are preparing to raise debt finance.
Enforcement
Korea to Introduce Civil Penalties for Unfair Trading
By Editors | 20/09/2020
Currently, unfair trading activities are punishable under criminal law, but prosecutions often take a long time due to the high burden of proof required.
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