Securities / Derivatives

ASIC Directs Investment Funds to Correct False Advertising

16/06/2020

Investment funds were falsely being promoted as having little or no risk of capital loss, where higher returns were highlighted without adequate disclosures of risk.

Securities / Derivatives

MUFG Bank Secures China Interbank Bond Market Licence

16/06/2020

MUFG Bank’s wholly-owned China subsidiary has become the first Japanese bank – and the eight foreign bank overall – to win a Bond Settlement Agent licence.

MAS Issues Directions on Safe Re-opening of Financial Sector

16/06/2020

Although access to in-person services will expand, MAS “strongly encourages” FIs and their customers to continue using digital financial services and e-payments as much as possible.

Securities / Derivatives

CSRC to Ease Rules for Major Shareholders of Securities Firms

16/06/2020

The profitability, net assets and experience requirements will be relaxed for major shareholders of securities companies.

AML / KYC

PBOC Promises Crackdown on Illegal Overseas Gambling

16/06/2020

Payments industry stakeholders are directed to strengthen customer identification, report suspicious transactions, and improve surveillance.

Enforcement

ASIC Imposes Licence Conditions on Societe Generale Securities

16/06/2020

Societe Generale Securities Australia self-reported to ASIC that it deposited client money into unauthorised bank accounts.

Market Infrastructure

HKEX’s OTC Clear Introduces Client Clearing Services

15/06/2020

Market participants who are not themselves clearing members of OTC Clear can gain access to the benefits of central clearing through existing clearing members.

AML / KYC

Two Singaporeans Charged for Cheating Eight Banks

15/06/2020

Two former employees of a crude oil products supplier allegedly created fictitious sales contracts and invoices to obtain $340mn in financing from eight banks.

Securities / Derivatives

HKMA to Select Managers for New Growth Portfolio by H2 – Report

15/06/2020

The sovereign growth portfolio will invest in Hong Kong-specific projects, aimed at lifting the city’s competitiveness in financial services, commerce, aviation, logistics and innovation.