Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
Enforcement
ICBC Graft Probe Linked to Ex-CSRC Chief Liu Shiyu – Report
17/07/2019
Chinese investigators are said to be targeting Liu’s affiliates for suspicious dealings involving investments in high yield wealth management products provided by ICBC Shanghai.
Enforcement
KRX Fines Merrill Lynch for High-Frequency Trading Activities
17/07/2019
KRX found that over an eight-month period, Merrill Lynch’s Seoul branch engaged in 6,220 high-frequency trades on behalf of a foreign hedge fund.
Enforcement
US SEC Penalises Nomura for Mis-sold Mortgage Backed Securities
17/07/2019
Nomura Securities International has agreed to repay approximately $25mn to affected customers and $1.5mn in SEC fines to settle the charges.
Market Infrastructure
Singapore Bankers ‘Flooded’ With Inquiries from Hong Kong – Reports
16/07/2019
Following Hong Kong’s extradition bill protests, wealth managers and private banks have seen increased queries from clients looking to set up channels to move assets to Singapore.
Market Infrastructure
SGX RegCo Proposes Price Limits for Auction Mechanism
16/07/2019
SGX already uses dynamic circuit breakers during continuous trading, but there is currently nothing similar used during the opening, mid-day and closing auctions.
Market Infrastructure
Japan Completes Migration to T+2 Securities Settlement Cycle
16/07/2019
Japan has migrated to its new T+2 securities settlement cycle, on schedule, following a final successful migration rehearsal test over the weekend.
Enforcement
SFC Fines Hong Kong Brokerage for Ineffective Short Selling Controls
16/07/2019
Glory Sun Securities has been fined HK$1.2m for failing to ensure compliance with short selling requirements. Two responsible officers and an account executive have also been suspended.
Crypto / Digital Assets
UPDATED – Bitpoint Japan Loses $28m in Crypto in Hot Wallet Hack
15/07/2019
The majority of the stolen funds belonged to clients and were held in hot wallets. Crypto exchanges in Japan are required to hold client assets offline in segregated cold wallets.
Market Infrastructure
MAS Raises Conduct Concerns in Financial Advisory Sector
15/07/2019
The MAS has commenced a review of the disciplinary frameworks at financial advisory firms, with a view to eventually sharing best practices and developing further guidance.
Capital / Liquidity
HKMA Asks Banks to Prepare Systems for Revised Leverage Ratio
15/07/2019
Both the revised leverage ratio treatment of client cleared derivatives and the revised disclosure requirements will come into effect in Hong Kong on 1 January 2022, in line with the BCBS timetable.
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