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Enforcement
BSP Introduces Stricter Penalty Framework for FIs
By Sanday Chongo Kabange | 13/09/2021
Monetary penalties have increased from PHP 30,000 to a maximum PHP 1 million for each violation. Fines up to three times profit gained or loss avoided can also be imposed.
Enforcement
Bursa Malaysia Punishes RHB Investment Bank Representatives
By Editors | 13/09/2021
The dealer’s representatives engaged in discretionary trading without proper authorisation, causing “significant losses” to a client.
Enforcement
KRX to Temporarily Exempt Market Makers from Obligations
By Editors | 12/09/2021
KRX says the FSS warning of fines against nine market makers will hamper the functioning of the market making system for a while.
Enforcement
CSRC Probes Haitong Securities in Financial Reporting Fraud Case
By Editors | 10/09/2021
Haitong is suspected of negligence and violations of law and regulations when it served as financial adviser on a deal to help a client on a backdoor listing deal.
Enforcement
Global Regulators Heighten Scrutiny Over ESG Mislabelling – Reports
By Sanday Chongo Kabange | 09/09/2021
Increased scrutiny from US, EU and UK regulators have forced asset managers to review current practices for classifying funds as ESG-focused.
Enforcement
Singapore Court Jails Russian National for Deceiving Banks
By Sanday Chongo Kabange | 09/09/2021
The banks were deceived regarding true beneficial ownership in their decision to open bank accounts between 2014 to 2017.
Enforcement
Australian Court Fines Allianz, AWP for Deceptive Conduct
By Editors | 09/09/2021
Allianz and AWP will pay a total AUD 1.5 million for engaging in misleading and deceptive conduct when selling travel insurance.
Enforcement
Hong Kong ICAC Charges Ex-HSBC Banker for Accepting Bribes
By Editors | 09/09/2021
The bribes were paid as an inducement to or reward for the ex-banker to conceal the identity of the ultimate controller of two SMEs that obtained loans from HSBC.
Enforcement
Court Finds Colonial First State Engaged in Misleading Conduct
By Editors | 09/09/2021
The Federal Court found that Colonial First State misled its customers to encourage them not to transfer their superannuation to a lower cost MySuper product.
Enforcement
Korea FSS to Impose Penalties on 9 Market Makers
By Editors | 08/09/2021
Three foreign firms and six local firms are accused of disturbing market order through their negative influence on stock prices.
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