Securities / Derivatives

SEBI Defends Rules Limiting Mutual Fund Investment in Unlisted Debt

09/05/2020

SEBI was responding to recent comments by Franklin Templeton’s president, which appeared to in part blame the rules for the closure of six India funds.

Market Infrastructure

Australia Defers All Royal Commission Commitments by Six Months

09/05/2020

In line with the Treasury’s announcement, ASIC has deferred mortgage broker reforms and the introduction of product design and distribution obligations.

Enforcement

MAS Issues Prohibition Orders Against Two Former Bank Employees

09/05/2020

A former Barclays was deceived the bank into paying $10mn from client accounts to settle his personal debts. A further $10mn in Barclays losses came from unauthorised trading.

Securities / Derivatives

Bank of China to Partially Shoulder Investors’ Crude Oil Losses

08/05/2020

The move followed a determination by the Financial Stability and Development Committee that the bank was at fault for not following investment suitability principles.

India: Banks Agree to Extend Loan Moratorium to NBFCs

08/05/2020

RBI governor Shaktikanta Das has made clear that NBFCs are eligible for the loan moratorium being extended to other borrowers.

Market Infrastructure

China Scraps QFII, RQFII Quotas; Simplifies Outbound Remittance Rules

08/05/2020

QFII and RQFII investors will merely need to go through a registration process to invest in China. Requirements on outbound remittances and currency exchange have also been simplified.

AML / KYC

Australian Police Launch Probe into Super Fund Early Release Fraud

07/05/2020

Five search warrants have so far been executed in relation to the fraud, and bank accounts containing AUD 120,000 in stolen super money have so far been frozen.

Securities / Derivatives

Charles Li to Step Down as HKEX Chief Executive Next Year

07/05/2020

Charles Li has been chief executive for over 10 years, and is credited with the launch of Stock Connect, Bond Connect, HKEX’s new listing regime and its dual class share system.

Enforcement

US SEC Penalises Bloomberg Tradebook Over Order Routing

07/05/2020

Bloomberg Tradebook let unaffiliated brokers make decisions about the routing of certain customer trade orders in a way that lowered its own costs, without informing affected customers.