Market Infrastructure

BOK Asks FIs to Get Ready for LIBOR Roadmap Release

18/05/2020

A subgroup of the Benchmark Rate Reform Task Force is in the process of drafting a LIBOR transition roadmap to ensure that Korean FIs can use alternative rates starting from 2022.

Crypto / Digital Assets

MAS Sets Out Regulatory Approach for Payment Token Derivatives

18/05/2020

MAS will regulate payment token derivatives offered by approved exchanges – i.e. SGX Derivatives, APEX, Ice Futures – but will not regulate such products offered by other entities.

AML / KYC

HK Police Arrest Three in HK$54m Money Laundering Case – Report

17/05/2020

Money stolen through telephone and online scams was laundered through at least three layers of bank accounts in Hong Kong within hours before being funnelled out of the city.

Fintech / Regtech

Temasek Joins Libra Association as First Asia Pacific Backer

17/05/2020

Temasek’s participation in the Libra Association will allow it to contribute toward a regulated global network for cost effective retail payments.

Enforcement

CSRC Bans Six Executives for Kangmei Pharma Accounting Fraud

17/05/2020

The company and 21 of its employees have also been fined for using false documents and transaction records to inflate cash positions.

Securities / Derivatives

Hong Kong Lowers Transaction Costs for ETF Market Makers

16/05/2020

An amendment waives stamp duties on primary market stock transfers involving ETF market makers’ activities to create and redeem ETF units.

Australian Makes Tax Relief for Merging Super Funds Permanent

16/05/2020

Financial Services Council chief Sally Loane welcomed the move, but expressed disappointment with changes that may create another tax compliance burden for managed funds.

Securities / Derivatives

SEBI Relaxes Public Shareholding Requirement for Listed Entities

16/05/2020

The move will mean promoters with more than 75% shareholding in a listed company will not have to divest their holdings while the current challenging environment persists.

AML / KYC

Westpac Files Defence in Federal Court on its AML/CTF Failures

16/05/2020

While Westpac made a number of admissions regarding AUSTRAC’s claims, the bank said the majority of its international money transfers were correctly reported.