Enforcement

Enforcement

CSRC Issues Warning Letter to GF Securities for Poor Compliance

By Editors | 13/01/2020

An investigation into the firm found fewer-than-required experienced compliance officers, and a lack of independence of its compliance function from other departments.

Enforcement

SGX RegCo Adopts Risk-Based Approach to Quarterly Reporting

By Manesh Samtani | 10/01/2020

A new risk-based approach to quarterly reporting and stronger continuous disclosure requirements will apply from 7 February. The new whistleblowing office has also been established.

Capital / Liquidity

RBI Introduces Supervisory Action Framework for Troubled UCBs

By Editors | 09/01/2020

Under the framework, the RBI will monitor UCBs’ asset quality, profitability and capital, and initiate supervisory action when specific thresholds are breached.

Enforcement

ASIC Bans Ex-AMP, NAB Adviser for Four Years

By Editors | 09/01/2020

An ASIC review of advice files found a failure to make sufficient inquiries into client circumstances and existing financial products when providing advice.

Enforcement

Nine Korean Banks Face Legal Action for Selling Loss-Making Funds

By Editors | 09/01/2020

Investors are reportedly preparing for a suit against banks which sold them loss-making funds from Lime Asset Management without properly disclosing the risks.

Enforcement

HKEX Updates Rules for Southbound Investor Identification Regime

By Editors | 08/01/2020

The rule update requires the China broker to keep records of all submitted orders, SEHK trades and related client instructions for a minimum of 20 years.

Enforcement

CSRC Issues Administrative Penalty Against Chinalin Securities

By Editors | 08/01/2020

Chinalin Securities is prohibited from expanding the scale of its business for three months for violating regulations on internal controls, compliance inspections and governance failures.

Enforcement

Korea: Lime Asset Faces Legal Action for Concealing Hedge Fund Losses

By Editors | 06/01/2020

Lime Asset Management suspended redemptions in three funds in October. One of them had 240bn won invested with New York-based IIG, which has since been charged with securities fraud.

Enforcement

Shanghai Bourse Launches New Market Surveillance System

By Editors | 06/01/2020

The new monitoring system will enhance the effectiveness of front-line supervision, ensure fair transactions, and promote the stable and healthy development of the capital market, the SSE says.