Fraud, Scams & Cybercrime

Philippine SEC Orders Takeover of Brokerage Following Stock Theft

19/11/2019

A settlement clerk siphoned client securities into a private account and sold them over eight years, leaving a $13.8 million hole in R&L Investments’ books.

Trading & Investment

CSRC to Allow Full Conversion of Non-tradeable Shares to H-Shares

19/11/2019

The move is seen as a way for state investors to exit some industries, and a way for some mainland companies to raise new funds and improve liquidity in their H-shares.

Conduct, Culture & Accountability

Auditor Independence Still an Issue for Audit Quality: FMA

18/11/2019

The key issues identified in the FMA’s Audit Quality Report 2019 related to auditor independence, related party transactions, accounting estimates, and auditor response to fraud risk.

Clearing & Post-Trade

ASX Consults on Tranche 1 Rule Changes for CHESS Replacement

18/11/2019

ASX is consulting on the first of three tranches of operating rule amendments required to facilitate the implementation of the CHESS replacement system in April 2021.

Trading & Investment

ISDA Publishes Consultation Results on Benchmark Fallback Parameters

18/11/2019

The majority preferred a historical median spread adjustment with a five year lookback period, and a two-banking-day backward shift adjustment for the compounded setting in arrears rate.

Conduct, Culture & Accountability

Fostering Customer Trust in the Financial Industry: MAS

18/11/2019

Regulators and FIs alike have an important part to play to build trust in the financial industry, MAS deputy managing director Ong Chong Tee said in a speech on Saturday.

Trading & Investment

China Eases Foreign Access to Interbank FX Derivatives for Hedging

18/11/2019

Under draft measures from SAFE, foreign institutional investors may participate in interbank FX derivatives to manage foreign exchange risk arising from interbank bond investments.

Anti-Money Laundering

NAB Faces Potentially Significant AML Penalties

18/11/2019

NAB’s annual report says the bank has reported “a number of” AML/CTF compliance breaches to regulators, the potential outcome and costs of which remain uncertain.

Supervision & Enforcement

CSRC Revokes Licences of CEFC China Securities Unit

18/11/2019

CEFC Shanghai Securities Co used its own and client funds to provide financing to its parent and other affiliated companies for purchasing and leasing properties.