Securities / Derivatives

Fidelity Applies for Approval to Sell Retail Funds in China

21/05/2020

Fidelity already operates four privately managed funds in China targeting institutional clients and high net-worth individuals.

AML / KYC

Westpac Removes EY as Auditor for Upcoming Risk Review – Report

20/05/2020

EY’s 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.

Fintech / Regtech

HK Banks See Fintech More As Opportunity Than Threat – Study

20/05/2020

Over the next ten years, banks expect to continue to play a key role in fintech innovation and adoption, and are confident they will not be displaced by new competitors.

Securities / Derivatives

Hong Kong: Securities Industry Subsidies to be Available from 25 May

20/05/2020

A cash subsidy of HK$50,000 will be available for securities firms ranked 15th onwards by market turnover, and HKD 2,000 for each individual licensed by the SFC.

Market Infrastructure

RBI Directs IFSC Banking Units to Report OTC Trades to CCIL

20/05/2020

IFSC banking units are required to report their OTC foreign exchange, interest rate and credit derivative transactions to CCIL’s reporting platform from 1 June.

Market Infrastructure

Clearstream, Euroclear Appoint First Chinese Bank as Common Depository

20/05/2020

As a common depository, CCB (Asia) will facilitate access to the international capital markets for Chinese issuers, and provide APAC investors easier access to the Eurobond market.

Enforcement

Taiwan: FSC Fines Four Banks, Two Insurers $700,000

20/05/2020

The Taiwan branch of Cardif Assurance Vie was fined for collaborating with banks to get clients to borrow money against old policies to buy new insurance products.

Market Infrastructure

S. Korea Set to Implement Asia Region Funds Passport

20/05/2020

Korea will join Japan, Thailand, Australia and New Zealand in implementing ARFP on 27 May, paving the way for cross-border sales of eligible publicly offered local funds.

MAS Guidance for Safe Reopening of FIs’ Client-Facing Locations

20/05/2020

FIs will be allowed to reopen more customer service locations from 2 June. MAS will take action against FIs that fail to comply with safe management requirements.