Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
AML / KYC
HK Police Arrest Three in HK$54m Money Laundering Case – Report
17/05/2020
Money stolen through telephone and online scams was laundered through at least three layers of bank accounts in Hong Kong within hours before being funnelled out of the city.
Fintech / Regtech
Temasek Joins Libra Association as First Asia Pacific Backer
17/05/2020
Temasek’s participation in the Libra Association will allow it to contribute toward a regulated global network for cost effective retail payments.
Enforcement
CSRC Bans Six Executives for Kangmei Pharma Accounting Fraud
17/05/2020
The company and 21 of its employees have also been fined for using false documents and transaction records to inflate cash positions.
Securities / Derivatives
Hong Kong Lowers Transaction Costs for ETF Market Makers
16/05/2020
An amendment waives stamp duties on primary market stock transfers involving ETF market makers’ activities to create and redeem ETF units.
Australian Makes Tax Relief for Merging Super Funds Permanent
16/05/2020
Financial Services Council chief Sally Loane welcomed the move, but expressed disappointment with changes that may create another tax compliance burden for managed funds.
Securities / Derivatives
SEBI Relaxes Public Shareholding Requirement for Listed Entities
16/05/2020
The move will mean promoters with more than 75% shareholding in a listed company will not have to divest their holdings while the current challenging environment persists.
AML / KYC
Westpac Files Defence in Federal Court on its AML/CTF Failures
16/05/2020
While Westpac made a number of admissions regarding AUSTRAC’s claims, the bank said the majority of its international money transfers were correctly reported.
Enforcement
SFC Declines to Take Action Against HSBC for No-dividend Decision
15/05/2020
Some investors in HSBC alleged the bank failed to safeguard their interests. Others questioned whether the bank’s discussions with the Bank of England were disclosed in a timely manner.
Market Infrastructure
CCP Margin Models May Need Fine-tuning: BIS Paper
15/05/2020
Some CCP margin models underestimate market volatility because they rely on a short period of historical price movements from tranquil times, the paper says.
Uncategorised
ISDA Publishes Final Report on Pre-cessation Fallbacks for LIBOR
15/05/2020
ISDA expects to publish amendments to the 2006 ISDA Definitions to incorporate the fallbacks for new trades in July, along with a protocol to allow participants to incorporate the revisions into legacy trades.
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