Market Infrastructure

Taiwan to Require IT Security Enhancements at Financial Firms

10/08/2020

The FSC will require big financial firms to be able to restore operations within four hours after a disaster (possibly less for securities firms), among other measures.

Enforcement

Singapore’s Central Depository Fined for Data Privacy Breaches

10/08/2020

211 dividend cheques were sent to outdated mailing addresses, containing client names, NRIC numbers, CDP account numbers, and details of the securities held.

Securities / Derivatives

HKMA Warns of Risks in Leveraged Investment Products

09/08/2020

Banks should take into account Covid-19 in product due diligence and client suitability assessments, and exercise caution when dealing in leveraged products.

Enforcement

CBIRC Fines Two Major Banks for Data Privacy Breaches

09/08/2020

China Merchants Bank and Bank of Communications were fined for failing to protect the personal data of credit card customers.

AML / KYC

Wolfsberg Group Issues Guidance on SoW, SoF Checks

09/08/2020

The guidance outlines instances where Source of Wealth and Source of Funds information may need to be independently corroborated, and what to do if relevant standards are not met.

Enforcement

HK Bourse Seeks Broader Powers to Punish Misconduct

09/08/2020

Hong Kong’s stock exchange proposes to enhance its disciplinary regime to enhance its ability to hold accountable and sanction senior managers and directors responsible for misconduct.

Fintech / Regtech

FSC Designates Korea’s First ‘Data Specialising Institutions’

09/08/2020

Korea Credit Information Services and the Financial Security Institute will be allowed to perform convergence of pseudonymised data originating from different financial businesses.

Enforcement

US Regulators Unveil Plan to Deal With Chinese Listings

08/08/2020

A presidential working group which includes the chairmen of the SEC, CFTC and Fed has recommended changes to US listing rules to require access to companies’ audit papers.

Capital / Liquidity

MAS Calls on Finance Companies to Moderate Dividends

08/08/2020

The dividend restriction is a pre-emptive measure to bolster the finance companies’ ability to continue to support the credit needs of businesses and consumers.