Enforcement

Enforcement

ASIC Reports Widespread Fee Disclosure Failures at AFS Licensees

By Editors | 03/12/2019

ASIC’s review found widespread non-compliance with fee disclosure obligations across a sample of AFS licensees and their representatives, suggesting an industry-wide problem.

Enforcement

Third Individual Jailed in SGX Derivatives Spoofing Case

By Editors | 29/11/2019

The former proprietary trading firm director furnished a false statement to SGX Derivatives Trading with the intent of deceiving it about trading activities in futures contracts.

Enforcement

CBA’s CommInsure Penalised A$700,000 for Hawking Offences

By Editors | 29/11/2019

The penalty follows last week’s guilty plea from CommInsure for conducting insurance sales by phone, where the customers had not requested to be contacted.

Enforcement

SEBI Probes Exchanges, Brokers for Failure to Detect Karvy Fraud

By Editors | 29/11/2019

An NSE audit found that Karvy Stock Broking pledged 20 million rupees in client securities with various lenders to raise funds for its own use.

Securities / Derivatives

CFTC Fines Goldman $1mn for Three Weeks of Missing Phone Records

By Editors | 28/11/2019

Goldman’s phone recording hardware failed in January 2014 an went undetected for three weeks, thereby impeding an unrelated CFTC investigation.

Enforcement

Korea Progresses Financial Consumer Protection Bill

By Editors | 28/11/2019

The bill, approved by the national policy committee, contains six sales regulations to be applied to all financial products and establishes a legal basis for penalising firms in violation.

Enforcement

SAFE Penalises JD.com Unit for Illegal Overseas Transfers

By Editors | 28/11/2019

The overseas transfers were reportedly used by mainland residents to participate in online gambling sites tied to popular Macau casinos with international licenses.

AML / KYC

Mizuho Ordered to Pay Caymans-related Back Taxes and Penalty

By Editors | 28/11/2019

The bank is disputing the penalty, saying its Caymans subsidiaries were created for as a special vehicle for fundraising, and not to conceal profits or evade taxes.

Enforcement

UK Regulator Penalises Citigroup for Reporting Failures

By Editors | 28/11/2019

Citi’s UK failings led to “significant errors” in the firms’ returns, preventing the Prudential Regulation Authority from obtaining an accurate picture of its capital or liquidity position.