Enforcement

SFC Fines Mega International Commercial Bank Over Sales Practices

07/05/2020

Mega did not properly assess clients’ investment objectives, risk tolerance levels and knowledge of derivatives, or ensure the suitability of its fund recommendations for clients.

Enforcement

Australia: Pershing Pleads Guilty to Breaching Client Money Rules

07/05/2020

Pershing Securities Australia, a BNY Mellon subsidiary, is the first company in Australia to face criminal prosecution for breaching client money provisions.

Securities / Derivatives

US SEC Green-lights Launch of New Stock Exchange, MEMX

07/05/2020

Backed by some of Wall Street’s largest financial institutions, MEMX says it will offer a less expensive exchange model; fewer, less complex order types; and a basic market data feed.

Market Infrastructure

DBS Prices Singapore’s First SORA-based Floating Rate Notes

06/05/2020

DBS has priced the first floating-rate notes referencing SORA, identified last August as Singapore’s alternative interest rate benchmark to SOR.

Capital / Liquidity

S. Korea Defers Initial Margin Requirements by One Year

06/05/2020

The move is in line with the BCBS-IOSCO decision announced in April, and will help to ease the compliance burden on financial institutions amid the Covid-19 crisis.

Securities / Derivatives

FSC Designates Six Brokers to Specialise in SME Investment

06/05/2020

The designation will be valid for two years, allowing the brokers to receive preferential policy incentives for boosting investment in SMEs.

Securities / Derivatives

Singapore Allows Electronic Dissemination of Offer Documents

06/05/2020

Electronic dissemination will enable rights issues and takeover or merger transactions to take place while reducing the need for staff to be physically present at workplaces.

Enforcement

SEBI Initiates Probe into Franklin Templeton Fund Closures

06/05/2020

SEBI is reported looking to determine whether the firm violated rules, breached its fiduciary duty, or failed to act in investors’ best interests.

Market Infrastructure

ECB Seeks Further Guidance from SWIFT on ISO 20022 Delay

06/05/2020

The request follows a March decision by SWIFT’s Board to extend the original timeline for implementation of ISO 20022 for cross-border payments by one year to end-2022.