The FSC will impose lower penalties than what was recommended by the FSS, citing the two banks’ cooperation and their agreements to compensate clients for damages.
The adviser misrepresented the value of his client’s portfolio on 19 separate occasions, and engaged in trading without proper authority of the client.
The HKMA is inviting tenders for the provision of professional services to help it facilitate the adoption of regtech by the banking industry.
MAS looks to private banks’ boards and senior management to ensure the effectiveness of policies, processes, controls and systems in sales and advisory practices, and to shape the staff behaviour.
An online register will record brokers’ holdings of client securities, clubbing all such information collected by exchanges, depositories and clearing corporations for all types of trades.
Pseudonymised personal information may be used without customer consent for statistical, industry research and public documentation purposes.
Capital Global Management Limited was distributing offshore investment funds and offering investment advice in Taiwan despite not being authorised by Taiwan's regulator.
The CSRC has relaxed pricing and lock-up restrictions to incentivise listed companies to raise new funding from strategic investors through non-public offerings.
The FSC will cap illiquid investments at 50% for open-ended funds, require them to conduct regular stress tests, raise transparency of complex fund structures, and enhance supervisory monitoring.
FinTech Australia chair Alan Tsen says the roadmap is disappointing, lacks vision and focuses on use cases that "felt like they’ve been written by a consulting firm space".