Misconduct linked to the issues identified by the royal commission could cost Australia’s four largest banks up to A$10bn.
Following the collapse of P2P platform Tuandai.com in March, Chinese authorities have arrested 41 people connected to the platform, including its owners.
NSE will also be prohibited from issuing an IPO and launching new derivatives products for six months. Two former managing directors also found to be guilty.
The proposed measures will put the consumer at the heart of decision-making and make good outcomes the bottom line, says Commerce and Consumer Affairs Minister Kris Faafoi.
Jay Wei, chairman of JC Group, which controls multiple fund management units, is being investigated by Chinese police for potentially illegal multi-billion-dollar fundraising activities.
The Wolfsberg Group has endorsed the latest Anti Human Trafficking Toolkit from the Thomson Reuters Foundation, tailored for use in Asia Pacific by banks and financial institutions.
The FPA says advisers are worried old cases will be judged against newer, stricter advice standards and they may not be covered by professional indemnity insurance.
The 10-month ban on Su Xiqiang, former head of Guosen's retail brokerage, was a result of improper handling of third-party fund deposits, and a lack of AML controls.
Goldman Sachs and its Chinese partner Gao Hua Securities have agreed to an administrative settlement of 150 million yuan for internal control breaches.
China plans to amend its securities law within this year, with an aim to strengthening investor protection and enforcement against violators.