All posts tagged "Internal controls"
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332EnforcementUPDATED – South Korea Cracks Down on High-Risk Derivatives Sales
Penalties for mis-selling are being toughened to include fines up to 30 million won and pubitive fines up to 50 percent of unfair gains. New standards for professional investors also established.
November 14, 2019 -
248EnforcementUBS to Pay HK$600m in Fines and Compensation for Overcharging Clients
The SFC reprimanded and fined UBS for overcharging clients over a ten-year period, affecting 5,000 Hong Kong-managed client accounts in over 28,000 transactions.
November 12, 2019 -
435EnforcementSFC Fines China Rise for Short Selling, Cross Trading Breaches
China Rise's former CEO placed 199 illegal short selling orders in 2014, and an unnamed senior manager executed cross trades at a price detrimental to the client.
November 1, 2019 -
298Big PictureEffective Governance, Regulation Can Mitigate Cyber Risk: Moody’s
Regulators can help to mitigate the cyber threat by promoting contingency planning in banking and enabling information sharing among banks and regulators.
October 25, 2019 -
276ChinaCBIRC Tightens Oversight on Structured Deposits Sold by Banks
Banks can only offer structured deposit products if they have derivatives trading licences, and they must ensure the sales process is done in a "legally compliant manner".
October 24, 2019 -
419ChinaBrokers Under CSRC Scrutiny for Stock Pledge Business
Securities companies are asked to carefully check and rectify any non-compliant stock pledge business and strengthen risk management and controls.
September 3, 2019 -
449Capital RegulationCBIRC Identifies Numerous Violations at Small and Mid-sized Banks
“In response ... all relevant regulatory agencies should take targeted prudential supervision measures … and carry out administrative punishment according to law,” the CBIRC said.
September 3, 2019 -
542EnforcementTokyo Bourse Penalises Nomura for Information Leak
The TSE says internal controls at Nomura Securities were insufficient, and measures it took after a similar incident in 2012 did not seem to have improved compliance.
August 30, 2019 -
547ChinaUS SEC Fines Deutsche Bank $16m for Corrupt Hiring Practices
Between 2006 and 2014, Deutsche Bank hired relatives of executives of Chinese and Russian state-owned enterprises to generate business for the bank.
August 27, 2019 -
517EnforcementSFC Fines Sincere Securities for Internal Control Failings
The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.
August 16, 2019
