Enforcement

ASIC Penalises Credit Suisse for Breaching Trading Rules

05/07/2020

Credit Suisse did not match client orders for on-market buy-backs on an order book as is required by ASIC’s market integrity rules.

Securities / Derivatives

Nearly 500,000 Australians Deplete Retirement Savings

05/07/2020

Industry Super Australia estimates that 480,000 Australians have wiped out their superannuation savings through the government’s early release scheme.

Capital / Liquidity

State Council Authorises Local Governments to Fund Small Banks

05/07/2020

China’s State Council has reportedly agreed to allow local governments to purchase convertible bonds issued by certain small and midsize banks.

AML / KYC

Global Banks Seek Clarity on ‘Hong Kong Autonomy Act’

05/07/2020

Under the legislation, banks can be penalised for conducting a ‘significant transaction’ with Chinese individuals or entities named as having contributed to the erosion of Hong Kong’s autonomy.

Securities / Derivatives

BSP On Course to Issue Central Bank Securities in Q3

05/07/2020

February 2019 amendments to the Central Bank Act restored the BSP’s authority to issue debt paper as part of its regular operations to manage liquidity and monetary policy.

AML / KYC

Singapore Authorities Probe Two Companies with Wirecard Links

04/07/2020

Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.

AML / KYC

Taiwan Financial Firms Call for KYC Rule Changes

04/07/2020

Taiwanese financial firms are asking the FSC to allow identity authentication methods other than the unwieldy government-issued Citizen Digital Certificates.

Enforcement

CBIRC Strengthens Administrative Procedures for Penalising Illegal Acts

04/07/2020

The maximum administrative penalties for illegal acts are effectively increased to ¥5mn for banking institutions and ¥500,000 for banking industry personnel.

Securities / Derivatives

SFC Asks HKEX to Raise Guard Against Conflicts of Interest

04/07/2020

The SFC says Listing Department personnel should not attend business meetings with prospective listing applicants, and HKEX should further reinforce ‘Chinese Walls’.