Enforcement

APRA’s Authority Potentially Undermined by IOOF Court Loss

25/09/2019

APRA initiated court action against IOOF seeking to ultimately disqualify its executives from the industry, but instead the court dismissed the regulator’s case.

Securities / Derivatives

KRX to Enable Local Access to Foreign ETF Trading

25/09/2019

Access will be enabled through an ‘ETF of ETF’ structure, under which locally tradeable ETFs will invest in individual foreign ETFs.

Capital / Liquidity

BSP Enhances Rules on Voluntary Surrender of Banking Licences

24/09/2019

The guidelines are aimed at improving protections for depositors and creditors of banks that have decided to cease operations.

Securities / Derivatives

US, UK Agencies Work to Clean Up Credit Derivatives Market

24/09/2019

In a joint statement, the SEC, CFTC and FCA have pledged to work together to address “opportunistic strategies” that harm the credit derivatives market.

Securities / Derivatives

SEBI Prescribes New Risk Management Norms for Liquid Funds

24/09/2019

From 1 April 2020, liquid and overnight funds must hold at least 20% of their net assets in liquid assets such as cash, government securities and treasury bills.

Enforcement

US SEC Settles Charges Against Nissan, Former CEO

24/09/2019

As settlement for underreporting CEO compensation, Nissan agreed to pay $15mn, while ex-CEO Carlos Ghosn will pay $1mn and get a 10-year officer and director bar.

AML / KYC

AUSTRAC Orders AML/CTF Audit at PayPal Australia

24/09/2019

AUSTRAC’s order follows a self-reported issue PayPal detected in its reporting system for international fund transfer instructions, which it said it was working to remediate.

AML / KYC

Taiwan Seeks Significantly Higher Penalties for Tax Evasion

24/09/2019

Reports indicate there is considerable support to raise the maximum fine for tax evasion from NT$60,000 to NT$100mn.

Big Picture

DTCC Calls on Industry to Prioritise Business Resilience Efforts

24/09/2019

Firms must establish resilience as a business-owned strategic initiative, and be willing to prioritise business resilience over efficiency in some cases, says a new DTCC whitepaper.