On 2 August 2019, ASIC published a consultation on sunsetting class order for changing scheme constitutions. The consultation proposes to remake class order, CO 09/552 – Changing scheme constitutions, on changing the constitution of registered schemes, which is due to expire on 1 October 2019. The class order provides relief in certain situations to vary how the constitution of a registered scheme may be modified, or repealed and replaced with a new constitution. For further detail, please click here
On 7 August 2019, ASIC decided to hold public hearings on ASIC’s responsible lending guidance. The hearings are part of the wider public consultation on ASIC’s guidance on the responsible lending obligations, which will allow ASIC to test particular issues raised in submissions. For further detail, please click here
On 7 August 2019, ASIC issued a consultation on new guidance for companies on whistleblower policies, which intends to seek public comments on its proposed guidance on the new legal obligation on companies to implement a whistleblower policy. According to the new legal obligation, public companies, large proprietary companies and corporate trustees of registrable superannuation entities must implement a whistleblower policy and make it available to their officers and employees by 1 January 2020. For further detail, please click here
On 7 August 2019, ASIC updated its regulatory guidance on the operation of the Markets Disciplinary Panel (MDP). ASIC intends to simplify and streamline the MDP’s policies and procedures, with the benefit of over eight years’ experience of the MDP model. The MDP is a peer review panel that makes decisions about whether infringement notices should be given for alleged contraventions of the market integrity rules. For further detail, please click here
On 12 August 2019, ASIC updated guidance on climate change related disclosure. The update clarifies the application of ASIC’s existing regulatory guidance to the disclosure of climate change related risks and opportunities. For further detail, please click here
On 21 August 2019, ASIC decided to review the industry transition towards ending grandfathered remuneration for financial advice. ASIC will also investigate any impediments to this transition, and the extent to which benefits are being passed on to affected clients. For further detail, please click here
On 22 August 2019, ASIC released a consultation paper ‘Product intervention: OTC binary options and CFDs’ on proposals to use its product intervention power to address significant detriment to retail clients resulting from OTC binary options and CFDs. A CFD is a contract on the difference between the opening and closing price of an asset. For further detail, please click here
On 26 August 2019, ASIC published its consumer research, ‘Report 627, Financial advice: What consumers really think’, which is an independent research into consumer experiences of, and attitudes towards, financial advice and the advice industry. The report reveals that the consumers see value in financial advice, but lack of trust remains an issue. For further detail, please click here
On 26 August 2019, ASIC approved changes to the Australian Financial Complaints Authority (AFCA) Rules to allow the scheme to name financial firms in published determinations. According to ASIC, naming firms in determinations can help identify conduct or market problems within firms or affecting specific products or services. For further detail, please click here
On 28 August 2019, ASIC published its Corporate Plan 2019-20 to 2022-23, to set out its change agenda and regulatory priorities. It explains how the regulator will act strategically to address misconduct in the financial system and improve consumer outcomes. For further detail, please click here
On 1 August 2019, ASIC published an update on compensation paid by institutions for poor financial advice under review and remediation programs initiated after ASIC review. Australia’s five largest banking and FIs have paid a total of AU$119.7 million in compensation as at 30 June 2019 to customers who suffered loss or detriment because of non-compliant advice given by financial advisers. For further detail, please click here
On 5 August 2019, ASIC permanently banned former financial advisor Robert Shane Michael from providing financial services for engaging in misconduct which included dishonestly borrowing money from his clients’ SMSF accounts and using them for his own personal expenditure. ASIC’s investigation found that between April 2012 and September 2018, Mr Michael had procured loans from four of his clients’ SMSF accounts totalling AU$204,000. For further detail, please click here
On 7 August 2019, the Court dismissed an appeal by Mr Yingjie Wang (also known as Jay Wang), a lawyer and accountant, against his permanent banning from providing financial services on the ground that he had acted dishonestly in causing Easy Capital Global Pty Ltd to use an investor’s money for unauthorised purposes. At the time of the relevant conduct Mr Wang was a director and sole signatory of the bank account of AFSL licensee, Easy Capital Global Pty Ltd. For further detail, please click here
On 8 August 2019, APRA served infringement notices on Westpac Banking Corporation (Westpac) and two of its subsidiaries for failing to meet their legal obligations to report data to APRA under the Financial Sector (Collection of Data) Act 2001. For further detail, please click here
On 12 August 2019, the Court charged former financial advisor and consultant, Mark Damion Kawecki, with five counts of dishonest conduct. ASIC found that on five occasions between 19 January 2015 and 23 December 2016, while running a financial services business, Mr Kawecki engaged in dishonest conduct. For further detail, please click here
On 15 August 2019, ASIC banned financial adviser, Tarandeep Aujla, from providing financial services for three years after an ASIC surveillance showed that he failed to act in his clients’ best interests. ASIC found that Mr Aujla, while working as an authorised representative of Infocus Securities Australia and Chaucer Group, had failed to obtain adequate information from clients about their personal circumstances including financial details, needs and objectives. For further detail, please click here
On 18 August 2019, ASIC released its enforcement update report for the period 1 January 2019 to 30 June 2019. For further detail, please click here
On 20 August 2019, the Court charged former financial adviser, Mr Keith James Flowers (previously known as Nigel Keith Flowers), with six counts of using his position dishonestly and one count of dishonestly obtaining a financial advantage by deception. For further detail, please click here
On 21 August 2019, former NAB branch manager, Mathew Alwan, pleaded guilty to one count of ‘intention to defraud by false or misleading statement’, an offence under the NSW Crimes Act. ASIC found that between 23 October 2013 and 19 September 2015, Mr Alwan dishonestly made false and misleading statements to NAB in relation to 24 home loan applications. For further detail, please click here
On 21 August 2019, ASIC issued stop order on Investors Exchange Limited’s PDS. According to ASIC, the PDS didn’t adequately disclose risks and conflicts of interests, omitted important information about the investment and associated expenses such as fees and costs, and included outdated and incorrect references. For further detail, please click here
On 21 August 2019, ASIC banned Mr Max David Goldenberg from providing financial services and engaging in credit activities for a period of eight years for operating an illegal early access to superannuation scheme. For further detail, please click here
On 23 August 2019, commenced proceedings in the Court against National Australia Bank (NAB) for breaches of the law arising from failures with its Introducer Program. According to ASIC allegations, between 3 September 2013 and 29 July 2016, NAB accepted information and documents in support of consumer loan applications from third party introducers who were not licensed to engage in credit activity. For further detail, please click here
On 26 August 2019, the AAT reduced the banning period of former mortgage broker, Michael Wilkins, from three years to 18 months. Mr Wilkins, was banned by ASIC, from providing financial services for three years on 31 January 2018. For further detail, please click here
On 27 August 2019, ASIC banned financial adviser, Peter Goudie from providing financial services for four years for failing to comply with financial services laws including the requirement to comply with the best interests duty and to prioritise his clients’ interests. For further detail, please click here
On 30 August 2019, the Court found an AFSL holder and its former director made misleading and deceptive statements about an investment strategy targeting retired investors and investors approaching retirement. The investment strategy is believed to mimic the performance of the Australian Government’s Future Fund. For further detail, please click here
On 5 August 2019, the SECC and the SEC Thailand exchanged views on cooperation and assistance on cross-border equity offering and depositary receipt. For further detail, please click here
A media search did not find any relevant actions in Cambodia during August.
On 8 August 2019, CBIRC issued the Interim Measures for Supervision and Administration of Insurance Assets and Liabilities for guiding insurance companies to make active adjustment to match assets with liabilities and strengthening category-based regulation. The Measures apply to person and property insurance companies and optimize the existing supervisory system on insurance assets and liabilities. According to the Measures, functions such as assets allocation and account management can be entrusted to the insurance asset management companies while assets and liabilities management should be carried out by an insurance group. For further detail, please click here (Chinese only)
On 9 August 2019, CSRC issued the revised ‘Detailed Rules for the Implementation of Margin Trading on the Shanghai Stock Exchange and Shenzhen Stock Exchange’. The revised rules increase the number of stocks eligible for short selling and margin trading to 1600 from 950, abolish the automatic margin call threshold that it must not fall below 130% and allow securities companies to determine the threshold with their clients in light of client’s credit and securities companies’ risk tolerance. Additionally, the rules improve the formula to calculate guarantee maintenance ratio. For further detail, please click here (Chinese only)
On 9 August 2019, CSRC issued a consultation on ‘Standard for Calculating Risk Control Indicators of Securities Companies’. The consultation intends to relax and adjust the standard on calculating venture capital reserve for policy-based financial bonds, institutional bonds and credit bonds, stock pledge and private equity funds. The adjustment coefficient of venture capital reserve of securities companies who classified as AA class or above for three consecutive years, will be set as 0.5. For further detail, please click here (Chinese only)
On 13 August 2019, CSDC issued a consultation on Settlement Rules of the CSDC. The rules cover financial resources management, multilateral netting and other settlement services. The rules are temporarily not applicable to the settlement business which registered in the CSDC’s open-ended fund system, such as on-floor subscription, subscription, redemption, dividend, and fund conversion. For further detail, please click here (Chinese only)
On 16 August 2019, CBIRC issued a Notice on Further Enhancing Pledge Financing of Intellectual Property which encouraged banks and insurance firms to grant greater support to the use of IP, as a financial tool of pledge financing. The notice stressed the importance of improving the service system for IP pledge financing by means of separate quotas of credit loans and specific appraisal and incentives, under the premise of risks are under control. It also strengthened the innovation and risk management of IP pledge financing as commercial banks are encouraged to carry out internal evaluation and train IP pledge financing specialists. For further detail, please click here (Chinese only)
On 16 August 2019, AMAC issued a consultation on ‘Operating Procedure for the Side Pocket Mechanism of Securities Investment Funds’ to standardise its operating procedure for securities investment funds to activate side pocket mechanism. It intends to safeguard the legitimate rights and interests of fund unit holders and enhance the relevant responsibilities of parties involved in the mechanism. It also sets out the principles to be observed and requirements to be fulfilled on information disclosure. For further detail, please click here (Chinese only)
On 16 August 2019, CSRC issued a consultation on Guidelines on Side Pocket Mechanism of Publicly-offered Securities Investment Funds. The consultation sets out provisions relating to conditions for enabling side pocket mechanism, arrangements for subscription, redemption and investment, voting right in fund unit holders’ meeting, expenses, valuation and information disclosure. It also highlights the responsibilities of varies parties including fund managers, custodians and fund sales agencies. For further detail, please click here (Chinese only)
On 23 August 2019, SSE issued a consultation on Rules for Approving the Material Asset Restructuring of Companies Listed on SSE STAR Market (sci-tech innovation board). The consultation sets out requirements on net profit, revenues and cash flows of underlying assets and clarifies the standard of material asset restructuring, pricing, examination and approval procedures for restructuring. It also proposes the intermediaries such as independent financial advisors to bear responsibility for continuous supervision. For further detail, please click here (Chinese only)
On 23 August 2019, CBIRC issued the Administrative Measures on Bank Assurance Business of Commercial Banks, to be effective from 1 October 2019. The Measures set out conditions for market access and withdrawal of bank assurance business. Commercial banks must obtain a Concurrent-business Insurance Agency License to carry out bank assurance business and must record the full commissions they have received in the accounts. For further detail, please click here (Chinese only)
On 26 August 2019, PBOC, CSRC, CBIRC and SAFE jointly issued a consultation on ‘Notice on Further Tightening the Regulation on Financial Marketing and Publicity Activities’. Market practitioners must obtain the corresponding qualification for conducting financial business before carrying out financial marketing and publicity on their own or entrust others. Financial products providers or financial service operators are required to set out internal rules and management mechanism and oversee the operating mechanism. The consultation also clarifies the regulatory measures against violations or illegalities of financial marketing and publicity. For further detail, please click here (Chinese only)
On 30 August 2019, CSRC issued a consultation on ‘Administrative Measures on Assumption of Duty of Directors, Supervisors and Senior Officers of Futures Companies’. The consultation sets out conditions for the appointment of directors, supervisors and senior officers. Senior officers of futures companies are allowed to hold concurrent part-time duties in wholly-owned or controlled subsidiaries of the futures companies. The current restriction of “the proportion of the foreigners holding the management-level positions may reach at most 30% of the total number of management board in a company” will be cancelled. For further detail, please click here (Chinese only)
On 2 August 2019, CSRC imposed an administrative penalty on GF Securities for having deficiencies in risk management and control, compliance management and internal controls. The entity was also found to have failed to submit accurate data to CSRC. For further detail, please click here (Chinese only)
On 2 August 2019, CSRC fined Zhang Hong RMB380,000,000 for insider dealing. Zhang was found to have controlled other’s securities account to buy shares by using the inside information from her husband. For further detail, please click here (Chinese only)
On 8 August 2019, CBIRC issued a notice showing the proceedings against violations in banking and insurance sector between 2017 and the first quarter of 2019. A total fine of RMB 5,941,000,000 was imposed on 6559 institutions and 8410 individuals, which exceed the total amount of fines over the past ten years. For further detail, please click here (Chinese only)
On 9 August 2019, CSRC fined Shenzhen Ecobeauty Co. Ltd RMB 600,000 for making misleading statements in the material assets restructuring documents and making material omissions in its 2015 annual report. Six responsible officers received a warning and fines ranging from RMB 200,000 to 300,000. For further detail, please click here (Chinese only)
On 23 August 2019, CSRC fined Mr. Yang Xuechu RMB 394,000,000 for insider dealing involving a gaming company Zhong Qing Bao Interaction Network Co Ltd. Zhong Qing Bao planned to acquire gaming companies for business expansion. Yang contacted the Chairman of Zhong Qing Bao and knew the company’s acquisition plans in advance. He controlled other’s securities accounts to buy shares in Zhong Qing Bao to profit from the information before such inside information is being disclosed. For further detail, please click here (Chinese only)
On 2 August 2019, the HKEX published a consultation on Codification of General Waivers and Principles relating to IPOs and Listed Issuers and Minor Rule Amendments. The consultation intends to conduct the codification exercise to improve clarity of the Rules, ensure the Rules reflect currently acceptable standards in the market place and codify a number of administrative provisions that are currently provided in its guidance letters or listing decisions. For further detail, please click here
On 16 August 209, the HKEX issued a consultation on proposed enhancements to the Pre-opening Session (POS) and Volatility Control Mechanism (VCM) in the securities market. The proposal intends to enhance the POS auction mechanism by adopting relevant features in the Closing Auction Session, which was introduced in 2016. For further detail, please click here
On 19 August 2019, the SFC and ICAC entered into an MoU to formalise and strengthen cooperation in combating financial crime. The MoU covers referral of cases, joint investigations, exchange and use of information, mutual provision of investigative assistance, and capacity building. For further detail, please click here
On 23 August 2019, the SFC issued a circular highlighting deficiencies in fund managers’ liquidity risk management practices. This followed SFC’s survey and inspections which found deficiencies on the part of some Authorised Fund Managers in maintaining proper liquidity risk management systems and controls. For further detail, please click here
On 23 August 2019, HKMA issued a circular on updated requirements for opening of accounts following amendments to Paragraph 5.1 of Code of Conduct. As such, if a Registered Institution (RI) has established the true and full identity of a client when opening a bank account either through face-to-face or non-face-to-face approach, the RI is not required to verify the client’s identity again when opening an investment account for the client. For further detail, please click here
On 30 August 2019, the SFC issued a circular on the launching of Key Risk Indicator (KRI) platform to collect and analyse KRI data from certain LCs. The platform supplements the SFC’s monitoring tools by enhancing its information gathering and analytical capabilities to better identify and manage both existing and emerging risks. Initially, 22 global financial institutions are in scope and they must submit the first batch data on or before 31 January 2020 for the reporting period ending 31 December 2019. For further detail, please click here
On 5 August 2019, the SFC banned Mr Tu Bing, a former associate director of UBS AG, Hong Kong Branch, from re-entering the industry for life following his conviction for bribery. The Court found Tu, a former client advisor of UBS AG responsible for managing investment portfolios of clients, guilty of soliciting and accepting illegal commission payments of approximately HK$1.4 million from a client for profits generated from the client’s trades in Hong Kong stocks. For further detail, please click here
On 15 August 2019, the SFC reprimanded and fined Sincere Securities Limited (SSL) HK$5 million for a series of internal control failings and regulatory breaches. The disciplinary action followed an SFC investigation into an investor’s complaint concerning the conduct of a former account executive of SSL. The SFC found that SSL did not require its account executives to obtain clients’ written consent before transferring their funds maintained at SSL to their gold trading accounts opened with its associated company. For further detail, please click here
On 19 August 2019, the SFC banned Mr Samuel Lee Kwok Tung, a former account executive of DBS Vickers (Hong Kong) Limited from re-entering the industry for eight months from 17 August 2019 to 16 April 2020. This followed an SFC investigation which found that Lee falsely stated that he was the client when confirming orders or acknowledging executed orders after placing such orders for a client via the telephone in 84 transactions between April 2015 and November 2015. For further detail, please click here
On 27 August 2019, the SFC commenced proceedings against a group of local and overseas investors suspected of manipulating the shares of GEM-listed Ching Lee Holdings Limited (Ching Lee) through a large scale and highly organised manipulative scheme. The Court ordered to continue the already granted interim injunctions, freezing assets of up to HK$124.9 million held by 15 local and overseas entities. For further detail, please click here
On 29 August 2019, SEBI decided to change the effective deadline for implementation of guidelines relating to handling of clients’ securities by Trading Members/Clearing Members from 1 to 30 September 2019. For further detail, please click here
A media search did not find any enforcements for India during August.
On 2 August 2019, OJK and the Indonesian Police Criminal Investigation Agency together formed a task force namely, Investment Vigilance Task Force, to handle alleged unlawful acts relating to collections of community funds and investment management. The task force will also focus on FinTech Illegal investments. For further detail, please click here (Bahasa only)
On 27 August 2019, OJK stopped the business activities of PT National Finance for failing to meet the AML/CFT funding programme and the business responsibilities of a finance company. For further detail, please click here (Bahasa only)
On 1 August 2019, JPX announced the launching of a data sandbox program by TSE to serve as a new framework for supporting, on a cross-industry basis, the creation of new services by start-up companies for the securities sector. Under the data sandbox program, if a start-up company supported by an innovation partner uses paid data owned by TSE and a data partner for the purpose of creating new services, that company can use the data free of charge or at discount rates for a certain period of time. For further detail, please click here (Japanese only)
On 28 August 2019, FSA published the summary points from JFSA policy assessment and strategic priorities 2019. This outlines JFSA’s policy progress and the challenges identified during the program year 2018 and indicates the goals JFSA aims to attain during the program year 2019. For further detail, please click here
On 2 August 2019, the SESC recommended the FSA to take administrative disciplinary action against Togo Securities Co., Ltd, which is a Type I and II Financial Instruments Business Operator and an Investment Advisor. The recommendation followed a Kanto Local Finance Bureau inspection on the entity, which found that it had compensated some customers for losses incurred in FX Daily Futures Contracts. For further detail, please click here (Japanese only)
On 8 August 2019, the FSC announced its implementation plan for margin requirements for non-centrally cleared OTC derivative transactions. Initial margin requirements for financial institutions with derivatives of KRW70 trillion or more will be implemented from 1 September 2020 and for those with derivatives of less than KRW70 trillion will be delayed until 1 September 2021. The FSC also decided to propose a bill on margin requirements for non-centrally cleared OTC derivative transactions as the relevant guidelines by the FSS will expire in August 2020. For further detail, please click here
On 13 August 2019, the FSC announced the approval by Cabinet of the amendments to the Enforcement Decree of the Financial Investment Services and Capital Markets Act (FSCMA). The amendments intend to expand a pool of professional investors and open a new trading venue, called ‘K-OTC Pro,’ which is exclusive to professional investors to trade unlisted equity securities. The amendments allow professional investors to play an active role in funding innovative start-ups and SMEs. For further detail, please click here
A media search did not find any relevant enforcements for Korea during August.
On 14 August 2019, in an effort to enhance business efficiency and flexibility of doing business in the Malaysian derivatives market, Bursa Malaysia revamped the Rules and Directives of Bursa Malaysia Derivatives Berhad (BMD) and Bursa Malaysia Derivatives Clearing Berhad (BMDC). With the coming into force of revamped rules on 15 August 2019, Trading Participants and Clearing Participants can reduce their cost of doing business and provide better services to their clients, whilst strengthening their governance framework and providing better investor protection. For further detail, please click here
On 30 August 2019, Bursa Malaysia issued a consultation on the proposed amendments to the Main Market and ACE Market Listing Requirements in relation to the new issue of securities and other areas. The proposed amendments intend to ensure a balanced regulatory framework that provides adequate levels of investor protection while ensuring that it does not result in burdensome compliance costs nor impede ease of doing businesses and growth. For further detail, please click here
On 1 August 2019, BNM conducted a joint raiding operation in Klang Valley and Pulau Pinang for illegal money services business operators, suspected to be facilitating illegal remittance activities. The operation resulted in the freezing of 35 bank accounts and seizure of cash and properties amounting to RM4 million. For further detail, please click here
On 22 August 2019, the Court fined MGSB Berhad RM5 million and sentenced its two directors with imprisonment of 2 years and fined RM1 million for accepting money from depositors without a valid license and involving in money laundering activities. For further detail, please click here
On 19 August 2019, FSC issued a communique on its Administrative Penalties Regulatory Framework. The Framework outlines administrative penalties (APs) for regulatory breaches other than failure to file statutory documents and/or statistical information. The Framework primarily sets out the policy and methodology for the imposition of APs by the FSC, including the exercise of its discretion, in determining an applicable quantum. For further detail, please click here
A media search did not find any enforcements for Mauritius during August.
A media search did not find any relevant articles for Myanmar during August.
A media search did not find any enforcements for Myanmar during August.
A media search did not find any relevant articles for New Zealand during August.
On 1 August 2019, the FMA suspended the derivatives issuer licence of AxiCorp Financial Services Pty Limited for material breaches of the Financial Markets Conduct Act 2013. AxiCorp also contravened its licence conditions by failing to notify the FMA of a change to its senior or other key staff, following the appointment of its CFO. For further detail, please click here
On 9 August 2019, the FMA filed 21 charges against Mr Rodney McCall (also known as Rodney Crichton) with offences under the Crimes Act and the FMA Act . According to FMA’s allegation, Mr McCall contacted people and convinced them to ‘invest’ by transferring money into bank accounts he controlled. He also cold called other investors to promote a foreign exchange investment service which did not exist. For further detail, please click here
On 19 August 2019, the Court convicted Steven Robertson of 38 charges relating to PTT Limited and associated entities. Mr Robertson was found to have misappropriated funds deposited by clients who believed that those funds were to be traded on their behalf. For further detail, please click here
On 28 August 2019, Eoin Malcolm Miller Johnson, a former director and chairman of NZX-listed Promisia Integrative Limited, has admitted to insider trading conduct and breaching a director’s disclosure obligations. He has agreed to pay NZ$75,000, in lieu of a penalty, to the FMA. For further detail, please click here
On 1 August 2019, BSP issued Risk Management Guidelines for investments. The Guidelines set out the regulatory expectations in managing risks arising from investment activities considering the exposures of banks and quasi-banks to a wide range of instruments such as bonds, complex structured products and other tradable assets. For further detail, please click here
On 16 August 2019, the SEC initiated action against 12 persons for soliciting investments from the public without the necessary licenses. For further detail, please click here
On 6 August 2019, Russia introduced the first law regulating digital rights. The law ‘On Attracting Investments Using Investment Platforms and Amending Certain Laws of the Russian Federation’ creates legal mechanisms that will regulate the agreements that are reached in a wide range of instances where various investors use an IT system to finance investment projects. For further detail, please click here
A media search did not find any enforcements for Russia during August.
On 5 August 2019, Singapore Finance Ministry moved the Variable Capital Companies (Miscellaneous Amendments) Bill 2019 for First Reading in Parliament. The Bill amends the Variable Capital Companies Act 2018 (Act 44 of 2018), Income Tax Act (Cap. 134), Goods and Services Tax Act (Cap. 117A) and Stamp Duties Act (Cap. 312). For further detail, please click here
On 6 August 2019, MAS issued a set of legally binding requirements to raise the cyber security standards and strengthen cyber resilience of the financial sector. The notice makes the key elements in the existing MAS Technology Risk Management Guidelines compulsory and mandates the FIs to comply with these requirements. The requirements will come into effect on 6 August 2020. For further detail, please click here
On 29 August 2019, MAS decided to accept applications for new digital bank licences. This new form of licences will be extended to non-bank players and will allow digital full banks to take deposits from and provide various financial services to retail and non-retail customer segments. For further detail, please click here
On 13 August 2019, MAS issued Prohibition Orders against three individuals following their conviction for insider trading. As such, Mr E Seck Peng Simon, Mr Leong Chee Wai, and Mr Toh Chew Leong are prohibited from performing any regulated activity and taking part in the management, acting as a director or becoming a substantial shareholder of any capital markets firm under the SFA. For further detail, please click here
A media search did not find any relevant articles for Sri Lanka during August.
On 15 August 2019, the CBSL extended the suspension of the Primary Dealer Unit of Pan Asia Banking Corporation PLC for a further six months in order to continue investigating the corporation and its activities with Perpetual Treasuries Ltd. For further detail, please click here
A media search did not find any relevant articles for Taiwan during August.
On 1 August 2019, the FSC issued a fine of NT$2 million on First Commercial Bank for its deficiencies in dealing with AML/CFT matters. For further detail, please click here
On 7 August 2019, the FSC imposed fines of NT$2-10 million on 7 banks for various deficiencies such as internal control failures, misappropriation of customer funds etc. For further detail, please click here
On 13 August 2019, the FSC imposed a fine of NT$6 million and issued a reprimand on Taipei Fubon Commercial Bank for failing to deal with with AML/CFT matters in accordance with the regulatory requirements. For further detail, please click here
On 6 August 2019, BOT and State Bank of Viet Nam signed MoU on Cooperation and Exchange of Information in Banking Supervision and on Cooperation in the Area of Financial Innovation. For further detail, please click here
A media search did not find any enforcements for Thailand during August.
A media search did not find any relevant articles or enforcement actions for Vietnam during August.
* These fields are required.
Please send any comments or suggestions on other information you would like included in the next issue to firstname.lastname@example.org. In addition, if there are others in your organisation who you believe will benefit from this newsletter, please do let us know.