Market Infrastructure

Australia Allows Advisers More Time to Meet Exam Requirement

18/06/2020

Advisers would have had until the end of this year to complete the new Financial Adviser Standards and Ethics Authority exam. A newly-passed bill allows an extra year to do so.

Securities / Derivatives

India Launches Delivery-based Gas Trading Platform

18/06/2020

Participants will be able to digitally trade natural gas in both the spot and forward markets, facilitating price discovery and lowering overall gas prices.

Enforcement

ASIC Guidance Sets Out Scope of Product Intervention Powers

18/06/2020

The product intervention power allows ASIC to respond to harms in the financial sector, but it must consult with affected persons before each use of the power.

AML / KYC

AUSTRAC Given Two Month Deadline for New Westpac Claims

17/06/2020

Separately, APRA has delegated enforcement powers to ASIC, allowing it to seek fines or banning orders if Westpac is found to have breached banking laws.

Securities / Derivatives

China Pacific Insurance Lists GDRs in London

17/06/2020

The issuance is the largest capital raising on the LSE in three years, even at a 10% discount to China Pacific Insurance’s corresponding A-shares in Shanghai.

ACCC Highlights Improved Price Transparency on FX Conversions

17/06/2020

An ACCC review last year found that a lack of pricing transparency forced consumers to rely on the more expensive big four banks for FX conversion and international money transfers.

Market Infrastructure

Eurex Clears its First Interest Rate Swaps from Japan

17/06/2020

The FSA granted Eurex Clearing a licence as a foreign financial instruments clearing organisation in March, allowing it to offer clearing services in Japan.

Market Infrastructure

FMA Sets Out Full Licence Conditions for NZ Financial Advisers

17/06/2020

In a consultation paper, the FMA specifies three distinct classes of financial advice provider licences, to allow applicants to apply for the licence that best suits their circumstances and business structures.

Fintech / Regtech

BOK Panel to Explore Legal Issues of CBDC Issuance

17/06/2020

The BOK has formed a legal advisory group comprising internal and external experts to discuss the legal and regulatory issues surrounding a central bank digital currency.