Fintech / Regtech

China to Introduce New Rules for Online-only Banks – Report

15/01/2020

The framework will enable foreign banks in China to set up separate digital banking platforms, while also covering existing online-only banks WeBank, MYbank and AiBank.

Market Infrastructure

US Finalises Rules Expanding Foreign Investment Review Process

15/01/2020

Foreign investors will be subject to the CFIUS national security review process even for deals to take a non-controlling interest in certain US companies.

Enforcement

CFTC Penalises Mirae Asset Daewoo on Spoofing Charges

15/01/2020

Mirae Asset will pay $700,000 to settle charges against Daewoo Securities, which it acquired in April 2016 — after the spoofing conduct at issue occurred.

Market Infrastructure

IMF Calls for Global Response to Address Cybersecurity Threat

15/01/2020

To reap the benefits of new technologies to develop markets and expand financial inclusion, the security of information and communications technologies must be ensured.

AML / KYC

Singapore Convicts a Second National for Terrorism Financing

15/01/2020

Imran Kassim became the first Singapore national to be charged for terrorism financing last April, but is the second to be convicted and sentenced.

Securities / Derivatives

SET Scraps Lunch Break for Trading Cross Border Products

14/01/2020

The move is aimed at increasing the overlap time for trading between the Thai and ASEAN stock exchanges.

Securities / Derivatives

Japan FSA Issues New Guidance on Asset Manager Registration

14/01/2020

The guidebook is aimed at facilitating the smooth entry of asset management and other financial instruments businesses into Japan’s capital markets.

Vietnam Central Bank, Two Others Invited to Join BIS Membership

14/01/2020

The central banks of Vietnam, Kuwait and Morocco have been invited to become BIS members, the first expansion of its member base since 2011.

Enforcement

SFC Lifts UBS Underwriting Suspension Two Months Early

14/01/2020

The SFC is satisfied that UBS has adequate and effective systems, controls, policies and procedures to enable compliance with all requirements in relation to its sponsor business.