Enforcement

Enforcement

ASIC Issues First Stop Orders Under DDOs Regime

By Editors | 01/08/2022

Three firms are required to temporarily stop offering their products to consumers due to deficiencies in their target market determinations.

Capital / Liquidity

SFC Fines Hedge Fund Manager for Liquid Capital Deficit

By Editors | 31/07/2022

KTF Capital Management had a HK$20mn deficit between 13 and 18 December 2018 but misrepresented to the SFC that it maintained sufficient liquid capital during the period.

AML / KYC

US SEC Issues Fines Over Identity Theft Prevention Programmes

By Editors | 28/07/2022

JP Morgan Securities will pay a $1.2mn penalty, UBS Financial Services will pay $925,000, and TradeStation Securities will pay $425,000.

Securities / Derivatives

SFC Fines Fourth Broker Over Use of ‘Xinguanjia’ Trading Software

By Manesh Samtani | 26/07/2022

The software enabled Mainland investors to trade in Hong Kong without having to open a local securities account. Rifa Futures was fined HKD 9 million for AML and other failures.

Enforcement

Korea: Terra Investigators Seize Records from Crypto Firms

By Editors | 26/07/2022

Prosecutors have seized transaction records from seven crypto exchanges and some of their affiliates as part of a probe into Terra’s collapse.

Crypto / Digital Assets

US DOJ Charges Ex-Coinbase Employee for Insider Trading

By Manesh Samtani | 25/07/2022

A former Coinbase employee and two others were charged. The SEC’s parallel action classifies 9 crypto tokens as securities. Coinbase files a petition.

Enforcement

UK FRC Scrutinises Audit Firms’ Exam Cheating Controls

By Editors | 24/07/2022

The UK Financial Reporting Council asked 7 audit firms to detail the controls that are in place to prevent and detect cheating in professional exams.

Enforcement

China CAC Fines Didi ¥8bn for Data Security Breaches

By Editors | 22/07/2022

The fine is seen as a sign that China’s regulatory crackdown in the tech sector is winding down. Didi is expected to be able to resume normal operations.

Enforcement

SFC Fines RBC Investment Services for Mishandling Client Assets

By Editors | 21/07/2022

The SFC said RBC Investment Services failed to segregate client money and transferred securities from client accounts without valid standing authority.