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Enforcement
ICAC Charges SME Director & Clerk for Defrauding HK Banks
By Editors | 31/05/2020
The two are said to have defrauded seven banks of loans and banking facilities worth about HK$160mn, and deceived the TID and HKMC into issuing loan guarantees.
Enforcement
SFC Bans Guosen Fund Manager for Violating Staff Trading Policies
By Editors | 29/05/2020
The fund manager concealed his beneficial interests, direct control and trading activities in securities accounts held at an external brokerage.
Enforcement
Australia Eases Disclosure Rules to Prevent Opportunistic Class Actions
By Editors | 27/05/2020
Heightened uncertainty amid the Covid-19 crisis exposes companies to the threat of opportunistic class actions if their earnings forecasts are found to be inaccurate.
Enforcement
APRA Blamed for Scrapped Class Action Against IOOF
By Editors | 26/05/2020
A Quinn Emanuel class action “was no longer in the interests of group members to continue” following last year’s dismissal of APRA’s lawsuit against IOOF.
Enforcement
CSRC Accuses Guangdong Fund Manager of Lying to Investors
By Editors | 24/05/2020
Guangdong-based Cornerstone Management reportedly lost 70% in two funds after promising a minimum 8% annual return.
AML / KYC
Westpac Removes EY as Auditor for Upcoming Risk Review – Report
By Editors | 20/05/2020
EY’s 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.
Enforcement
Taiwan: FSC Fines Four Banks, Two Insurers $700,000
By Editors | 20/05/2020
The Taiwan branch of Cardif Assurance Vie was fined for collaborating with banks to get clients to borrow money against old policies to buy new insurance products.
Enforcement
SFC Fines Convoy Asset Management Over Bond Sales
By Editors | 20/05/2020
The firm failed to comply with product due diligence requirements, client suitability obligations and specific guidance on the sale of fixed income products.
Enforcement
New Listing Rules at Nasdaq to Impede Chinese IPOs – Reports
By Editors | 19/05/2020
Nasdaq will put a minimum $25mn value on the size of IPOs, making it harder for some Chinese firms to pursue a listing. A delisting notice has been filed against Luckin Coffee.
AML / KYC
SFC Reprimands, Fines Southwest Securities for AML/CFT Failures
By Editors | 18/05/2020
The brokerage failed to implement adequate and effective policies and procedures to mitigate AML/CFT risks associated with third party deposits.
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