Market Infrastructure

FSB Seek Global Harmonisation in Cyber Incident Reporting

20/10/2021

The FSB will promote convergence in cyber incident reporting by developing best practices, defining information to be shared, and creating common terminologies.

AML / KYC

Credit Suisse Settles Charges Over Mozambique ‘Secret Debt’

20/10/2021

Transactions that raised over $1bn were used to “perpetrate a hidden debt scheme”, pay kickbacks to investment bankers, and bribe government officials.

Market Infrastructure

LCH Expands Eligible Collateral to Include SGD Securities

20/10/2021

LCH says accepting SGD collateral will be an important tool for improving liquidity management and optimising margin costs.

AML / KYC

India, US Pledge to Take Stronger Action Against Financial Crime

20/10/2021

Indian finance minister Nirmala Sitharaman and US treasury secretary Janet Yellen also pledged to further engage on climate change.

Enforcement

Australian Court Fines Colonial First State for Misleading Members

19/10/2021

The court said Colonial First State Investments engaged in a 26-month “concerted campaign” that sought to take advantage of members.

FMA Sets Target Dates for Financial Advice Licensing

19/10/2021

Transitional licences under the new financial advice regime will expire on 16 March 2023. Providers are asked to apply for full licences ahead of time.

Enforcement

NZ FMA Censures Jarden Securities for Client Money Breaches

19/10/2021

OM Financial, which amalgamated with Jarden in March 2021, transfered its own money into the trust account designated to hold investor money.

Securities / Derivatives

Tokyo Stock Exchange Plans to Extend Trading Hours – Report

18/10/2021

Japan’s trading day runs for just five hours each day, an outlier among major markets. The bourse will reportedly propose a 30-minute extension.

Enforcement

SFC Penalises IPO Sponsor Over Substandard Due Diligence Work

18/10/2021

Ample Capital Limited failed to conduct adequate due diligence on suspicious cash settlements and to keep proper records of its due diligence work.