Hong Kong’s SFC has identified a number of potential regulatory concerns over firms engaged in managing private funds and discretionary accounts.
Ponzi schemes remain rife in China because of financial naivety and a collective desire for unfeasibly high returns, an academic at the Renmin University of China in Beijing has said.
The China Securities Regulatory Commission's former vice chairman Yao Gang was charged with corruption, according to the Central Commission for Discipline Inspection (CCDI), an anti-graft body.
The Securities and Futures Commission signed an agreement with the UK's Financial Conduct Authority (FCA) to strengthen cross-border regulatory cooperation.
The Monetary Authority of Singapore (MAS) will be sending mystery shoppers to financial advisers as part of its efforts to boost enforcement, according to Merlyn Ee, the regulator’s executive director for capital markets intermediaries.
China has cut and again pushed back plans to levy a value-added tax on asset managers for returns on assets under management, adding a further six-month reprieve on an already 14-month grace period.
Singapore’s decision not to impose the same hefty fines on banks linked to 1MDB as other countries, but to instead name and punish individuals responsible, is a strong deterrent, said Ravi Menon, managing director of the city-state’s financial regulator.
Swiss private bank Edmond de Rothschild has been fined nearly €9m ($10m) by Luxembourg’s financial regulator for its handling of funds reportedly linked to beleaguered sovereign wealth fund 1Malaysia Development Berhad.
The US Department of Justice (DOJ) is working to recover around $1.7bn in assets linked to an international conspiracy to launder funds misappropriated from Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB).