Enforcement

A group of investors is suspected of taking control of small firms, only to then release news designed to inflate share prices or raise more capital to enrich themselves.

Fuxing's former chairman and ex-president received lifetime bans for running a six-year scheme to defraud investors of $5.3bn. Five others received market bans.

The bank and its insurance unit were fined for lax controls on entertainment spending and for awarding bonuses to sales staff who hadn't sold any products, among other failures.

An investigation into the firm found fewer-than-required experienced compliance officers, and a lack of independence of its compliance function from other departments.

A new risk-based approach to quarterly reporting and stronger continuous disclosure requirements will apply from 7 February. The new whistleblowing office has also been established.

Under the framework, the RBI will monitor UCBs' asset quality, profitability and capital, and initiate supervisory action when specific thresholds are breached.

An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.

Investors are reportedly preparing for a suit against banks which sold them loss-making funds from Lime Asset Management without properly disclosing the risks.

The rule update requires the China broker to keep records of all submitted orders, SEHK trades and related client instructions for a minimum of 20 years.

Chinalin Securities is prohibited from expanding the scale of its business for three months for violating regulations on internal controls, compliance inspections and governance failures.