Enforcement

Enforcement

US SEC Penalises Nomura for Mis-sold Mortgage Backed Securities

By Editors | 17/07/2019

Nomura Securities International has agreed to repay approximately $25mn to affected customers and $1.5mn in SEC fines to settle the charges.

Enforcement

SFC Fines Hong Kong Brokerage for Ineffective Short Selling Controls

By Editors | 16/07/2019

Glory Sun Securities has been fined HK$1.2m for failing to ensure compliance with short selling requirements. Two responsible officers and an account executive have also been suspended.

Enforcement

Korea Exchange Fined for Making False Statement to CFTC

By Editors | 14/07/2019

The CFTC found that KRX failed to disclose that it was not in compliance with a requirement to use daily stress tests to evaluate the sufficiency of its financial resources.

AML / KYC

US Authorities Probe Deutsche Bank Dealings With 1MDB

By Editors | 13/07/2019

The DOJ probe is looking into whether Deutsche Bank failed to comply with US AML or foreign bribery laws in the course of raising $1.2bn for 1MDB in 2014.

Enforcement

ANZ, Citi, Deutsche to Defend Against Criminal Cartel Charges in September

By Editors | 12/07/2019

The government accuses the banks of forming a criminal cartel to either “directly or indirectly” restrict the supply of ANZ shares or maintain the price of ANZ shares.

Enforcement

ASIC Review Finds Widespread Mis-selling of Consumer Credit Insurance

By Editors | 12/07/2019

ASIC plans to take “significant enforcement action” against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.

Enforcement

UPDATED – Japan Post Vows to Compensate Customers for Mis-sold Insurance

By Editors | 11/07/2019

Some 93,000 cases were found where customers were left uninsured due to inappropriate sales tactics, paid double premiums, or were denied coverage for paid up insurance policies.

Enforcement

ANZ Agrees to Settle 2010 Fees-Related Class Action for A$1.5m

By Editors | 11/07/2019

Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.

Enforcement

Singapore Convicts Three Front-Runners Under Insider Trading Laws

By Editors | 11/07/2019

Two First State equity dealers told a UOB Kay Hian remisier about their firm’s intended orders to front-run trades in 100 counters, leading to over S$8mn in insider trading profits over 8 years.