Enforcement

HSBC continued to evade Iran sanctions after its 2012 deferred prosecution agreement with the US Department of Justice, Huawei lawyers say in a letter to a New York District Court.

Cathay Life failed to improve its internal controls for sales agents and its insurance underwriting mechanism despite complaints from 14 customers.

Investigators were dispatched to both firms to secure computer drives and documents linked to alleged misselling and fraud at both firms.

The SFC is empowered to access to email accounts and personal digital devices which may contain information relevant to its investigations, the court said.

ASIC will be focused on conduct issues involving superannuation trustees, while APRA will be focused on prudential supervision of trustee activities.

The FSC will impose lower penalties than what was recommended by the FSS, citing the two banks’ cooperation and their agreements to compensate clients for damages.

The adviser misrepresented the value of his client’s portfolio on 19 separate occasions, and engaged in trading without proper authority of the client.

Capital Global Management Limited was distributing offshore investment funds and offering investment advice in Taiwan despite not being authorised by Taiwan's regulator.

The FSC will cap illiquid investments at 50% for open-ended funds, require them to conduct regular stress tests, raise transparency of complex fund structures, and enhance supervisory monitoring.

Hu Huaibang is said to have used his position to help CEFC China Energy and HNA Group obtain billions of dollars in credit that fuel their expansions.