Market Infrastructure

HKMA to Require Banks to Report on Culture Reform

20/12/2018

First phase of bank culture self-assessments will cover about 30 institutions, including all major retail banks and selected foreign bank branches.

AML / KYC

Taiwan FSC to Amend Rules on Beneficiary Disclosure

20/12/2018

Insufficient disclosures of corporate clients’ beneficiaries by financial institutions was cited as one of Taiwan’s shortcomings in the APG’s latest report.

Securities / Derivatives

Licensed Corporations Should Carefully Review Internal Controls – SFC

20/12/2018

The SFC has reviewed brokers’ internal control systems and found they are not adequately protecting client assets, supervising their staff or incentivising good compliance culture.

Capital / Liquidity

PBOC Unveils New ‘Targeted’ Liquidity Facility for Banks

20/12/2018

The new ‘targeted medium-term lending facility’ is available to banks that demonstrate support for the real economy by lending to small and private companies.

AML / KYC

MAS Extends Prohibition Against Goldman’s Leissner to Lifetime Ban

20/12/2018

The March 2017 prohibition order barring former banker Tim Leissner for 10 years was based on limited information; US DOJ charges provided evidence of his involvement in 1MDB fund flows.

Capital / Liquidity

APRA Removes Cap on Interest-Only Lending

19/12/2018

Caps on investor and interest-only lending have served their purpose of moderating higher risk lending and improving lending standards, according to APRA chairman Wayne Byres.

Securities / Derivatives

China Exempts Mainland Investors from Tax on Hong Kong Funds

19/12/2018

Chinese regulators have applied a one year income tax exemption for mainland investors buying and selling Hong Kong funds through the mutual recognition of funds scheme.

Fintech / Regtech

APRA Grants Second ‘Restricted ADI’ Licence

19/12/2018

Xinja Bank, the latest recipient of the restricted ADI licence, has a prepaid card on the market and an ASIC-approved home loan product.

Securities / Derivatives

SEBI Amends Risk Management Framework for Equity Derivatives

19/12/2018

Initial margins must be collected before the next trading day (T+0), but CCPs may allow 2 days after the last margin collection before close-out of equity derivative positions.