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.

Enforcement

SFC Fines Convoy Asset Management Over Bond Sales

20/05/2020

The firm failed to comply with product due diligence requirements, client suitability obligations and specific guidance on the sale of fixed income products.

AML / KYC

Cambodia Approves Draft Laws to Curb Money Laundering

20/05/2020

The draft bills were reportedly motivated by Cambodia’s placement on the FATF’s ‘grey-list’ last year, which impacts foreign investment and the economy.

Capital / Liquidity

Woori to Seek FSS Approval to Use IRB Approach

20/05/2020

Higher expected capital adequacy under the internal ratings-based approach for calculating risk-weighted assets will help to fuel M&A activity at the bank.