Enforcement

The Australian Banking Association will implement 7 Royal Commission recommendations through amendments to the Banking Code of Practice.

The Court dismissed an appeal from short seller Andrew Left to overturn a 2016 ruling banning him from trading in Hong Kong for five years after he published a report containing false information.

The FSS plans to tighten monitoring of unfair trading practices, namely high-frequency trading, false disclosures and unlawful short-selling. Merrill Lynch, Franklin Templeton under scrutiny.

The SFC said Wu Yinong breached the Code of Conduct and the Sponsor Guidelines when he was a sponsor principal in charge of supervising the execution of a 2009 listing application.

Westpac has vowed to fight the claim, saying it takes its responsible lending obligations very seriously. But it could face a multi-million-dollar settlement if other borrowers join the class action.

The law expands the whistleblower definition, extends protections for those who report misconduct, and requires companies to have a whistleblower policy.

Under HSBC Australia's remediation programme, the bank offered about A$690,000 in compensation to 104 clients who may have received inappropriate advice.

The CSRC is seeking details about large trading losses at a hedge fund managed by GF Securities' Hong Kong unit. Citigroup faces up to $180mn in losses on a loan to the fund.

As the Royal Commission considered misconduct cases dating back to 1 January 2008, AFCA’s remit will be expanded to enable reviews of eligible complaints over the same period.

A GEM stock finance manager was in possession of inside information related to unaudited losses and an impending share suspension when he and his father sold their shares in the company.