Enforcement

High-level Panel Proposes Overhaul of SEBI Enforcement Mechanism

18/06/2020

The panel says intermediary regulations need to be amended to speed up enforcement action, and that SEBI should be granted the authority to seize assets subject to investigation.

Enforcement

China: Former Insurance Regulator Jailed on Corruption Charges

18/06/2020

Xiang was fired from his post as the CIRC’s chairman in April 2017, and placed under investigation for accepting CNY 18.6 million in bribes between 2005 and 2017.

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.