Posts By Editors, Regulation Asia
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245Australia & NZOver 35,000 Complaints Received in Six Months: AFCA
Over 60% of the complaints have been resolved, resulting in A$83mn in settlements. More than one-third of complaints were directed at banks.
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251EnforcementSingapore Loansharking Raids Result in 129 Arrests
Two suspects are believed to have directly carried out unlicensed moneylending, while 94 provided them access to bank accounts to facilitate their activities.
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471Fintech / RegtechLeaked Draft Shows India’s Zero-Tolerance for Cryptocurrency
The leaked draft bill being circulated, though unauthenticated, specifies up to 10 years' jail for buying, selling or storing cryptocurrency in India.
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297ChinaICBC Graft Probe Linked to Ex-CSRC Chief Liu Shiyu – Report
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.
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599EnforcementKRX Fines Merrill Lynch for High-Frequency Trading Activities
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.
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306EnforcementUS SEC Penalises Nomura for Mis-sold Mortgage Backed Securities
Nomura Securities International has agreed to repay approximately $25mn to affected customers and $1.5mn in SEC fines to settle the charges.
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607Hong KongSingapore Bankers ‘Flooded’ With Inquiries from Hong Kong – Reports
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.
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294Market InfrastructureSGX RegCo Proposes Price Limits for Auction Mechanism
SGX already uses dynamic circuit breakers during continuous trading, but there is currently nothing similar used during the opening, mid-day and closing auctions.
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658JapanJapan Completes Migration to T+2 Securities Settlement Cycle
Japan has migrated to its new T+2 securities settlement cycle, on schedule, following a final successful migration rehearsal test over the weekend.
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390EnforcementSFC Fines Hong Kong Brokerage for Ineffective Short Selling Controls
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.
