Enforcement

SFC Suspends RHB Securities AE for Unauthorised Discretionary Trades

30/01/2020

The account executive conducted discretionary trades for a client account for almost two years without obtaining written authorisation.

Enforcement

ASIC Bans Adviser for Bad Investment Recommendation

29/01/2020

A former adviser of NAB-owned Godfrey Pembroke failed to act in his clients’ best interests by recommending they invest in a mobile payments start-up that later failed.

Market Infrastructure

ISDA Welcomes Libor Pre-cessation Clarity from FCA, IBA

29/01/2020

The FCA has clarified that any period of non-representative LIBOR based on reduced panel bank submissions could last for only a period of months, not years.

Securities / Derivatives

SEC Philippines Drafts Derivatives Investment Rules for Funds

29/01/2020

The global exposure to financial derivatives must not exceed 20% of the qualifying fund’s net assets, up from 10% previously.

AML / KYC

SEBI Panel Proposes Tighter Norms for Related Party Transactions

29/01/2020

Any member of the promoter group would be deemed a related party regardless of shareholding. Any shareholder with more than 20% of a listed company’s shares would also be deemed a related party.

Fintech / Regtech

S. Korea: P2P Lending Law to Take Effect in August

29/01/2020

The FSC is seeking comment on a draft enforcement decree setting out entry requirements, operating rules and investor protection measures for the P2P lending sector.

Fintech / Regtech

Japanese Lawmakers Working on ‘Digital Yen’ Proposal – Report

28/01/2020

The group of lawmakers reportedly plans to submit its proposal for a ‘digital yen’ to the government as early as next month.

Fintech / Regtech

WEF Announces Global Consortium for Digital Currency Governance

28/01/2020

The consortium aims to address regulatory fragmentation and increase access to the financial system through innovative policy solutions for digital currencies.

Securities / Derivatives

Australia to Decide on Removal of ‘Conflicted’ Stamping Fees

28/01/2020

Fund managers have been paying ‘conflicted’ up-front commissions to financial advisers and brokers under a 2014 exemption, which ASIC says has resulted in worse investment returns.