Enforcement

Enforcement

IPO Sponsors, Underwriters Are ‘Guardians of Market Quality’: SFC

By Manesh Samtani | 22/10/2019

The SFC expects sponsors to conduct sufficient due diligence to properly understand and assess the companies seeking to be listed, and to ensure red flags are properly followed up.

Enforcement

US SEC Charges Chinese Traders in Market Manipulation Scheme

By Editors | 21/10/2019

The market manipulation scheme involved 18 traders primarily based in China, over 3,900 US-listed securities and over $31mn in illicit profits.

AML / KYC

New Zealand FX Broker Issued Formal Warning for AML Violations

By Editors | 21/10/2019

Forex brokerage Circle Markets Limited did not dispute the FMA’s findings, and its sole director admitted to not fully understanding his AML/CFT obligations.

Enforcement

FSC Korea to Boost Supervisory Capacity to Prevent Mis-selling

By Editors | 21/10/2019

The FSC will reportedly increase the number of banking, financial investment and asset management experts it has on staff for inspections of banks, security firms and insurers.

Enforcement

Former Supervisor at ICBC Unit Settles with US SEC

By Editors | 18/10/2019

The former supervisor of ICBC’s US broker-dealer unit has agreed to settle charges for failures involving the improper handling of transactions of ADRs.

Enforcement

KEB Hana Under Added Scrutiny for Document Deletion

By Editors | 17/10/2019

KEB Hana Bank is said to have deleted data related to the sale of derivative-linked funds after the FSS had already declared its intent to conduct inspections at the bank.

Enforcement

RBI Deploys New Reporting System for Cooperative Banks

By Editors | 17/10/2019

Following the $560mn fraud detected at PMC Bank, the RBI is ordering all cooperative banks in the country to perform their daily reporting via the new system.

Enforcement

ASIC Grants Advisers Relief From Compliance Obligation

By Editors | 16/10/2019

ASIC will grant a three-year exemption from the obligation to ensure that financial advisers are covered by a compliance scheme, and from the associated notification obligations.

Enforcement

Australia to Form New Disciplinary Body for Financial Advisers

By Editors | 15/10/2019

The plan undoes months of effort by industry associations to form an independent body to monitor and enforce compliance with a new code of ethics for financial advisors.