JP Reimann

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    JP advises fintech firm FinFabrik, and its clients, on regulatory and compliance matters, and is a frequent contributor to Regulation Asia. jp@regulationasia.com

    Articles by JP Reimann

    AML / KYC

    SFC Updates AML/CFT Guideline as FATF Assessment Looms

    06/07/2018

    Proposals include streamlining of customer onboarding processes and a requirement to implement group-wide AML/CFT systems at overseas branches and subsidiaries.

    Enforcement

    Japan Scrutinises Crypto Exchanges, Industry Body to Release New Rules

    21/06/2018

    FSA to issue business improvement orders on registered crypto exchanges; self-regulatory industry association to release new voluntary rules on 27 June.

    Crypto / Digital Assets

    Crypto ‘Poor Substitute’ for Conventional Money – BIS

    21/06/2018

    Lack of trust, poor efficiency and vast energy use are cited among other reasons for cryptocurrency’s limited potential to replace conventional money in the latest BIS annual report.

    Securities / Derivatives

    Hong Kong Targets September for OTC Derivatives Margin Rules

    20/06/2018

    SFC consultation proposes to phase-in IM requirements to avoid market disruption; VM to take effect on 1 September 2019.

    AML / KYC

    S. Korea FIU to Supervise Crypto Exchanges Like Banks

    19/06/2018

    Legislation introduced to bring cryptocurrency exchanges under the direct supervision of KoFIU, obligating them to adopt AML/CFT directives including systems to monitor for and report suspicious transactions.

    Capital / Liquidity

    HKMA Imposes Enhanced Supervisory Arrangements on Indian Bank Branches

    14/06/2018

    Due to capital deficiencies, the Hong Kong branches of Allahabad Bank, Punjab National Bank and Indian Overseas Bank must hold HQLA equivalent to 100% of unpledged deposits and should not solicit customer deposits, among other measures.

    Market Infrastructure

    HKMA Adds Two Additional Phases to Cyber Resilience Assessment

    14/06/2018

    Second phase to cover 60 authorised institutions with higher risk, third phase to cover about 90 remaining institutions; HKMA expressed concern about lack of qualified C-RAF assessors.

    Enforcement

    China, Hong Kong to Deepen Cross-Boundary Market Surveillance

    14/06/2018

    Regulators discussed collaboration on market surveillance, intelligence sharing, coordinated investigations, and the establishment of a notification mechanism for cases involving dual listed shares and cross-boundary market misconduct.

    Securities / Derivatives

    Taiwan, S. Korea Launch ETF Cross Listings

    13/06/2018

    Cross listed ETFs track tech stocks traded in the two countries; following 2015 MoU that sought to expand cooperation between the TWSE and KRX.

    Crypto / Digital Assets

    Cryptocurrency Worth $1.1bn Stolen in H1 2018 – Report

    12/06/2018

    Theft facilitated by $6.7mn dark web marketplace for crypto-related malware; cryptocurrency exchange most vulnerable to attack.

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