Enforcement

The SFC has reprimanded and fined SEAVI Advent Ocean Private Equity for allowing unlicensed individuals to perform regulated functions, in breach of the Code of Conduct.

Combined with what has already been set aside, the new A$832mn in provisions for customer-related remediation brings total provisioning to over A$2bn.

PMC Bank's now-suspended managing director has reportedly confessed that the bank's loan exposures went unreported for over six years.

New legislation to implement the regime is expected by year-end, empowering the FMA with stronger enforcement tools and the ability to impose higher penalties for conduct breaches.

The RBI has ordered the troubled cooperative bank to cap withdrawals at 1,000 rupees per account, prompting panic, protests and promises of legal action from customers.

The RBNZ will start publishing banks' regulatory breaches on its website next year in a bid to improve transparency and market discipline.

APRA initiated court action against IOOF seeking to ultimately disqualify its executives from the industry, but instead the court dismissed the regulator's case.

As settlement for underreporting CEO compensation, Nissan agreed to pay $15mn, while ex-CEO Carlos Ghosn will pay $1mn and get a 10-year officer and director bar.

AUSTRAC’s order follows a self-reported issue PayPal detected in its reporting system for international fund transfer instructions, which it said it was working to remediate.

Reports indicate there is considerable support to raise the maximum fine for tax evasion from NT$60,000 to NT$100mn.