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Enforcement
SFC Fines Celestial Commodities for Mishandling Client Money
By Editors | 10/07/2019
Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.
Enforcement
ASIC to Target Short Term Credit Industry With New Powers
By Editors | 10/07/2019
Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC’s proposed first use of its new product intervention power.
Enforcement
Chinese Payments Provider Caught Embezzling Funds – Report
By Editors | 10/07/2019
China-based UCF Pay, a subsidiary of Hong Kong-listed Chong Sing Holdings, reportedly used client funds for other purposes, causing a shortfall of ¥240mn.
Enforcement
Punjab National Bank Detects $550mn Fraud by Indian Steelmaker
By Editors | 09/07/2019
Punjab National Bank says Bhushan Power & Steel misappropriated bank funds and manipulated its books to raise funds from lenders.
Enforcement
ICBC Shanghai Branch Deputy Under Investigation – Report
By Editors | 09/07/2019
Regulators have reportedly found ICBC’s Shanghai branch deputy head to be in violation of regulations related to fundraising and buying wealth management products.
Enforcement
PBOC Suspends Traders for ‘Abnormal’ Overnight Repo Transactions
By Editors | 09/07/2019
The trades involved overnight bond repo transactions in the interbank market at prices below normal market rates.
Enforcement
SFC Warns Against Misconduct Involving Acquisitions, Disposals
By Editors | 06/07/2019
Directors of listed companies have a duty to exercise due and reasonable care, skill and diligence when evaluating or approving the acquisition or disposal of a company or business.
Enforcement
Former Barclays Singapore Director Gets 13-Year Jail Term
By Editors | 05/07/2019
The former private banker forged signatures and documents to siphon off $10mn from client bank accounts between 2010 and 2013.
Enforcement
Goldman Banker Tim Leissner Banned for Life in Hong Kong
By Editors | 04/07/2019
Leissner’s conduct in relation to the Malaysian state fund 1MDB called into question his fitness and properness to be a licensed person, the SFC said.
Enforcement
Hong Kong Hedge Fund Penalised by CFTC, CME
By Editors | 04/07/2019
Elephas Investment Management was found to have violated wheat futures speculative position limits established by the CFTC.
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