‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInChina Creates its Own Digital Currency, a First for Major Economy – WSJ
A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power. It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat […]
China’s regulator gets tough on insider trading as it metes out record penalty on wrongdoers in the financial markets | South China Morning Post
China’s securities regulator slapped two individuals with a record fine for insider trading and confiscated their ill-gotten gains, meting out 3.6 billion yuan (US$508 million) of penalties in an unprecedented enforcement to stamp out corporate malfeasance in the country’s financial markets. Shanghai entrepreneur Wang Yaoyuan and his daughter Wang Chengcheng were fined 2.72 billion yuan […]
The SEC’s China Evasion – WSJ
In an unprecedented public statement, the chairmen of the SEC and the PCAOB, along with SEC senior staff, warned investors that disclosures by SEC-registered companies from emerging markets may be incomplete and misleading. The commission’s cross-border regulation, oversight and enforcement—especially for activity from China—can’t be relied upon, the regulators said. We don’t question the need […]
China Gives Digital Currencies a Reprieve as Beijing Warms to Blockchain – The New York Times
Blockchain is back in Beijing’s good graces. Chinese officials have quietly removed the business of making Bitcoin and other cryptocurrencies from a list of hundreds of industries that Beijing plans to outlaw. In April, the practice appeared on a list of industries that would be denied benefits and subsidies from local governments, leading to worries […]
Chinese stock regulators heighten crackdown on insider trading – Global Times
China has been stepping up efforts to crack down on insider trading and other violations as part of a broader reform drive to ensure market order and protect investors. In the first half of the year, the China Securities Regulatory Commission (CSRC) imposed 63 administrative penalties that involved 27 companies and 181 individuals, with total […]
China’s former securities regulator Liu Shiyu is probed over family members’ alleged insider trading and favouring hometown IPOs, sources say | South China Morning Post
Liu Shiyu, China’s former securities regulator, is being investigated for allegedly fast-tracking initial public offerings (IPOs) of small banks in his hometown and also of having family members who bought bonds at below-market prices, according to sources and media reports. via China’s former securities regulator Liu Shiyu is probed over family members’ alleged insider trading […]
China’s securities watchdog punishes illegal market operations – Xinhua | English.news.cn
China’s securities regulator punished three companies for price manipulation and insider trading in an effort to protect the interests of retail investors. The China Securities Regulatory Commission (CSRC) has imposed fines totaling 1.11 million yuan (160,000 U.S. dollars) on three companies in its latest crackdown on illegal market operations. via China’s securities watchdog punishes illegal […]
China Securities Watchdog Loses Lawsuit on Insider Trading Case | Yicai Global
A Beijing high court has overturned a decision by China’s security regulator to impose a CNY130 million (USD19 million) fine on a businessman over insider trading citing a lack of evidence and violations of investigative procedures. via China Securities Watchdog Loses Lawsuit on Insider Trading Case | Yicai Global.
Chinese Regulator Cracks Down on Booming Hedge-Fund Industry – Bloomberg
China’s securities regulator is cracking down on the fast-growing hedge-fund industry, investigating 10 cases of alleged wrongdoing. Officials are probing private fund practices including market manipulation, misappropriation of client funds, insider trading and trading by managers using their personal accounts, the China Securities Regulatory Commission said in a statement on its website Friday. Some funds […]
Compliance fail: Chinese bank employees publicly spanked for poor performance | Compliance Week
A disturbing video of a Chinese bank’s effort to improve employee performance — through public, violent spankings of employees — was posted yesterday in a BBC article. The video, which will make even the most hardened U.S. compliance officer cringe, shows a line of employees from Changzhi Rural Commercial Bank being subjected to an awful “team-building” workshop in […]