Fraud, Scams & Cybercrime

Korea FSS Seeks to Suspend Former Brokerage CEOs Over Lime Mis-selling

13/11/2020

The FSS has decided to order the suspension of the former CEOs of Shinhan Investment, Daishin Securities and KB Securities over the mis-selling of Lime Asset Management funds.

Cloud & Infrastructure

DTCC Paper Offers Guidance on Cloud Adoption in Financial Services

13/11/2020

The paper suggests the establishment of a principles-based, harmonised regulatory framework to better support adoption of cloud services by financial institutions.

Trading & Investment

FSC Korea Confirms Plan to Lift Short Selling Ban in March

12/11/2020

The lifting of the ban will apply to all stocks regardless of the market cap, despite an earlier proposal to keep it in place for small-cap stocks.

Structural Regulation

ASIC Amends Proposed Intervention Order for Continuing Credit Contracts

12/11/2020

The changes to the product intervention order proposed in July are to address unintended consequences identified in an earlier consultation.

Conduct, Culture & Accountability

APRA Updates Draft Prudential Standard on Remuneration

12/11/2020

The prudential standard is expected to come into effect for significant banks in January 2023 and for significant insurers and superannuation entities in July 2023.

Fraud, Scams & Cybercrime

Korea FSS Estimates Optimus Fund Losses Could Reach $300m

11/11/2020

The FSS has estimated that 160bn won of investor funds has vanished and only up to 15% of the remaining 350bn won could be recoverable.

Structural Regulation

NZX Confirms 10 December Go-Live Date for NZ RegCo Model

11/11/2020

The model will structurally separate NZX’s commercial and regulatory interests, similar to the approach adopted in Singapore, Japan and Brazil.

Structural Regulation

China Consults on Anti Monopoly Rules for E-commerce, Payments

11/11/2020

The new rules issued by China’s SAMR prohibit a range of monopolistic practices and are expected to impact internet giants Alibaba, JD.com, Tencent, and Meituan, among others.

Capital Adequacy

FSB Publishes 2020 List of Global Systemically Important Banks

11/11/2020

JP Morgan and China Construction Bank were raised to a higher bucket; Goldman Sachs and Wells Fargo were moved to a lower bucket.