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Conduct, Culture & Accountability
Court Finds Colonial First State Engaged in Misleading Conduct
By Editors | 09/09/2021
The Federal Court found that Colonial First State misled its customers to encourage them not to transfer their superannuation to a lower cost MySuper product.
Market Abuse
Korea FSS to Impose Penalties on 9 Market Makers
By Editors | 08/09/2021
Three foreign firms and six local firms are accused of disturbing market order through their negative influence on stock prices.
Supervision & Enforcement
BaFin Joins US SEC, DOJ in Probing Collapsed Allianz Funds
By Ranamita Chakraborty | 07/09/2021
Allianz is facing probes from BaFin, SEC and DOJ, as well as 25 investor lawsuits, over last year’s collapse of its Structured Alpha Funds.
Anti-Money Laundering
AUSTRAC Releases Banking Sector Risk Assessments
By Manesh Samtani | 07/09/2021
The big four represent the highest risk due to the scale of retail products and services they offer, particularly those that facilitate cash transactions and rapid funds transfers.
Conduct, Culture & Accountability
ASIC Issues Final Guidance on Breach Reporting Obligations
By Sanday Chongo Kabange | 07/09/2021
Licensees should have in place clear, well-understood and documented processes for identifying, recording, assessing, escalating and reporting breaches.
Emerging Prudential Risks
S. Korea: New FSC, FSS Chiefs to Rebuild Cooperative Relations
By Sanday Chongo Kabange | 07/09/2021
The new chiefs of the FSC and FSS held their first official meeting since taking office. They pledged to unite on issues such as household debt and Covid-19.
Anti-Money Laundering
AUSTRAC Outlines Common Reporting Mistakes – Report
By Editors | 06/09/2021
Reporting mistakes have included incorrectly-used fields, late filings, inconsistent data input, and defensive reporting.
Cryptocurrency
WEF Paper Calls for Balanced Approach to Crypto Regulation
By Sanday Chongo Kabange | 06/09/2021
Rather than banning cryptocurrencies, regulators are urged to collaborate to create regulatory clarity, close loopholes and mitigate regulatory arbitrage.
Fraud, Scams & Cybercrime
US SEC Charges BitConnect for $2bn Cryptocurrency Fraud
By Editors | 06/09/2021
BitConnect promised investors lucrative returns through the use of a proprietary trading bot, but investor funds were siphoned off by the company’s founder and others.
Fraud, Scams & Cybercrime
Singapore: 20 More Charges Laid in Nickel Trading Fraud Case
By Editors | 03/09/2021
Ng Yu Zhi has been charged with 20 new counts of cheating, bringing the total number of charges he faces to 51.
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