Enforcement

FSS found thousands of irregularities in lending rate calculations including omission about income or collateral in credit evaluations, resulting in unfairly high lending rates.

FSA to issue business improvement orders on registered crypto exchanges; self-regulatory industry association to release new voluntary rules on 27 June.

CBA came to an agreement with AUSTRAC on 4 June to pay a A$700mn penalty for contraventions to the AML/CTF law, representing the largest fine in Australian corporate history. Australia’s Federal Court has now ratified the agreement.

Newly-formed Australian Financial Complaints Authority will commence operation on 1 November 2018; new regulatory guidance provides ASIC powers of oversight, regulation and rule making over AFCA.

BOT and Japan FSA agreement sets out process they will follow to foster greater cooperation for information sharing, on-site visits, supervisory colleges and crisis management.

New rules aim to control growth of the $24.7bn industry by requiring greater disclosures for secured lending, notarised mortgages valuations, among other measures.

South Korean branch of Goldman Sachs International said its naked shorts were the result of an institutional investor reversing a decision to lend it shares; the firm faces a fine up to $896,000.

ASIC has begun civil proceedings against Westpac for failing to take necessary steps to ensure fair and efficient financial advice by Sudhir Sinha, a former financial advisor responsible for the breaches.

CSRC has singled out five new economy firms whose share prices had "wild swings" or dropped significantly below their highs or offer prices soon after listing.

Xiang Junbo pleaded guilty to taking $3mn in bribes during his six years as head of former insurance watchdog as well as earlier in his career at PBOC  and AgBank.