Tag: PEP
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Regulatory Watch News
FCA fines former finance directors of Carillion plc (in liquidation)
Financial Conduct Authority
The FCA has fined 2 former finance directors for their part in misleading statements being issued by Carillion plc.Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the Board and audit committee, leading to poor oversight. Mr Adam and Mr Khan have been fined £232,800 and £138,900, respectively. The fines were imposed after Mr Adam and Mr Khan withdrew their challenges to the FCA’s decision. As finance directors, the pair had responsibility for Carillion’s procedures, systems and controls relating to financial reporting. These were not sufficient to ensure that contract accounting judgments made in its UK construction business were made, recorded and reported appropriately.
Scam alert related to banks
HKMA
The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to the press releases issued by the banks listed below relating to fraudulent websites, internet banking login screens, phishing emails or other scams, which have been reported to the HKMA. Hyperlinks to the press releases are available on the HKMA website.
Bank Type of Scam The Bank of East Asia, Limited Fraudulent websites and internet banking login screens Shanghai Commercial Bank Limited Fraudulent websites and internet banking login screens Chong Hing Bank Limited Fraudulent website and internet banking login screen 
SFC reprimands and fines Saxo Capital Markets HK Limited $4 million for regulatory breaches over distribution of virtual asset-related products
Securities and Futures Commission
The Securities and Futures Commission (SFC) has reprimanded and fined Saxo Capital Markets HK Limited (SCMHK) $4 million for failures in distributing virtual asset (VA) funds not authorised by the SFC and VA-related products (collectively, VA Products) on the firm’s online trading platform (Online Platform) . Between 1 November 2018 and 25 November 2022 (Relevant Period), SCMHK allowed retail clients to trade certain VA Products on the Online Platform. These products should only be offered to professional investors (PIs) according to two SFC circulars to intermediaries which were effective at the material time
