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Market Abuse
Singapore Convicts Three Front-Runners Under Insider Trading Laws
By Editors | 11/07/2019
Two First State equity dealers told a UOB Kay Hian remisier about their firm’s intended orders to front-run trades in 100 counters, leading to over S$8mn in insider trading profits over 8 years.
Supervision & Enforcement
SFC Fines Celestial Commodities for Mishandling Client Money
By Editors | 10/07/2019
Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.
Fraud, Scams & Cybercrime
Chinese Payments Provider Caught Embezzling Funds – Report
By Editors | 10/07/2019
China-based UCF Pay, a subsidiary of Hong Kong-listed Chong Sing Holdings, reportedly used client funds for other purposes, causing a shortfall of ¥240mn.
Fraud, Scams & Cybercrime
Punjab National Bank Detects $550mn Fraud by Indian Steelmaker
By Editors | 09/07/2019
Punjab National Bank says Bhushan Power & Steel misappropriated bank funds and manipulated its books to raise funds from lenders.
Anti-Bribery & Corruption
ICBC Shanghai Branch Deputy Under Investigation – Report
By Editors | 09/07/2019
Regulators have reportedly found ICBC’s Shanghai branch deputy head to be in violation of regulations related to fundraising and buying wealth management products.
Capital Adequacy
India’s 2019 Budget Grants Lifeline to State Banks, NBFCs
By Editors | 08/07/2019
The government announced a fresh capital infusion for state banks, credit guarantees on NBFC assets, and stronger supervisory powers for the RBI.
Anti-Money Laundering
FATF Issues Guidance on Terrorist Financing Risk Assessments
By Editors | 08/07/2019
The guidance provides good approaches, relevant information sources and practical examples for practitioners to consider when assessing terrorist financing risk at the jurisdiction level.
Cryptocurrency
Malaysia to Finalise Regulatory Framework for ICOs by Year-End
By Editors | 06/07/2019
A framework for ICOs, originally expected by the end of Q1, is now under review by relevant stakeholders, according to deputy finance minister Datuk Amiruddin Hamzah.
Conduct, Culture & Accountability
SFC Warns Against Misconduct Involving Acquisitions, Disposals
By Editors | 06/07/2019
Directors of listed companies have a duty to exercise due and reasonable care, skill and diligence when evaluating or approving the acquisition or disposal of a company or business.
Fraud, Scams & Cybercrime
Former Barclays Singapore Director Gets 13-Year Jail Term
By Editors | 05/07/2019
The former private banker forged signatures and documents to siphon off $10mn from client bank accounts between 2010 and 2013.
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