Over 900 investors were persuaded to invest over NZ$8mn with registered foreign exchange provider BlackfortFX, though the firm did not conduct any investment activity.
Banks required to find out whether customers are foreign tax residents and report to Inland Revenue; unresponsive customers are having their accounts put on hold.
The Commonwealth Bank of Australia is being sued by a class of investors backed by large institutional investors in Australia, Europe and North America for disclosure failures that artificially inflated the bank's share price.
New Zealand FMA says information provided by NZX surveillance team was below its expectations and questions the market operator's ability to detect misconduct; NZX to recruit additional resources to resolve the issue.
Australia has become the sixth signatory to IOSCO's enhanced framework for the cross-border cooperation and information sharing by securities regulators to combat technology-aided financial misconduct.
CBA will pay a $A5m penalty, A$15m to a financial consumer protection fund, and $A5m towards ASIC's litigation and investigation costs; bank also agreed to enter into enforceable undertaking with ASIC.
CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.
Newly-formed Australian Financial Complaints Authority will commence operation on 1 November 2018; new regulatory guidance provides ASIC powers of oversight, regulation and rule making over AFCA.
New 'CCIV' structure will allow Australia asset managers to market fund products to the rest of Asia, complementing the Asia Region Funds Passport.
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.
Loading more posts...
Sorry, no more posts
No more pages to load