Enforcement

ASIC Directs Fund Managers to Correct Product Mislabelling

22/09/2020

ASIC has identified 14 funds using the term ‘cash’ in their names in a confusing and inappropriate way, and 3 others with a significant liquidity mismatch.

Big Picture

A New Zero Tolerance Era for ESG Reporting

22/09/2020

As nations across the globe come to terms with understanding and tackling climate change, mandatory reporting of such risks across capital markets could well become the norm.

Enforcement

SFC Suspends Former Licensed Rep for Over Discretionary Trading

22/09/2020

The former Ewarton Securities representative placed his own orders within 30 seconds ahead of those placed for the client’s account.

Market Infrastructure

PBOC Issues New Measures on Financial Consumer Protection

22/09/2020

From 1 November, banks and payment institutions that try to restrict consumers from choosing financial products and services offered by other institutions can be penalised.

AML / KYC

Pakistan Passes Three More FATF-related Bills

22/09/2020

A joint parliamentary session was convened after the three bills were rejected by the Senate last month. FATF is set to assess Pakistan’s progress next month.

India: Parliament Passes Bill on Cooperative Bank Supervision

22/09/2020

The bill is aimed at protecting depositors and allows the RBI to restructure a cooperative bank without a moratorium period.

AML / KYC

US Imposes Sanctions on 27 Iranian Entities, Individuals

22/09/2020

Any foreign FI that knowingly facilitates a significant transaction for the designated individuals or entities could be subject to US sanctions.

AML / KYC

China Issues Implementing Rules for ‘Unreliable Entity List’

22/09/2020

Foreign firms and individuals could be hit with trade, investment and visa restrictions is they fail to “correct” their behaviour within a time limit.

Enforcement

Saxo Japan Ordered to Bolster Controls After Data Breach

22/09/2020

The breach included clients’ names, contact details, date of birth, bank account information, and identity verification documents of 750 clients.