Enforcement

There are no excuses for conduct that presents the risk of harm to investors, customers and the integrity of the markets, says FMA chief Rob Everett.

If the Federal Court of Australia determines the penalty is appropriate, it will represent the largest ever civil penalty in Australian history.

The licence conditions will remain in place until CLSA Premium NZ lodges its audit and assurance reports for 2019.

The final penalty amount, which could reach as high as A$1.5bn, is expected to be announced at a joint press conference in coming days.

Since June 2019, banks have been required to inform customers of their right to request lower interest rates when their credit profiles improve or their assets increase.

Luckin was able to falsely inflate revenue, costs and profits last year with the help of 43 third-party companies, which have also been fined.

ASIC has identified 14 funds using the term 'cash' in their names in a confusing and inappropriate way, and 3 others with a significant liquidity mismatch.

The former Ewarton Securities representative placed his own orders within 30 seconds ahead of those placed for the client’s account.

Any foreign FI that knowingly facilitates a significant transaction for the designated individuals or entities could be subject to US sanctions.

Foreign firms and individuals could be hit with trade, investment and visa restrictions is they fail to "correct" their behaviour within a time limit.