Market Infrastructure

India Passes Bill to Establish Unified Regulator for IFSCs

17/12/2019

In addition to regulating Gift City, the new authority will be responsible for any other international financial services centre set up in India in the future.

Enforcement

SFC Bans Two Individuals for Window-Dressing Scheme

17/12/2019

For 3 years, the month-end liquid capital of W. Falcon Asset Management was falsely inflated with amounts on cheques that were later dishonoured.

Securities / Derivatives

NZ FMA Identifies Weaknesses in Fund Custody Arrangements

17/12/2019

An FMA review found that custody administration tasks are often being delegated back to fund managers, which weakens the separation of functions and duties.

Securities / Derivatives

CFETS Rolls Out Foreign Currency Pledged Repo Business

17/12/2019

The move is aimed at reducing the costs of foreign currency financing and diversifying foreign currency financing instruments.

Securities / Derivatives

SFC to Allow Hong Kong ETFs to Invest in Overseas Master ETFs

17/12/2019

The SFC will authorise index tracking feeder ETFs that want to invest in an overseas-listed, non-SFC authorised master ETF on a case-by-case basis.

Securities / Derivatives

CSRC Issues Pilot Rules for Spin-Off IPOs by Listed Companies

17/12/2019

To spin off a unit, a listed company should have three-year cumulative net profits of at least 600mn yuan, which is lower than the 1bn yuan requirement proposed in an August consultation.

Capital / Liquidity

APRA Investigates Westpac, Imposes Capital Surcharge

17/12/2019

APRA’s investigation will focus on the conduct that led to Westpac’s alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.

AML / KYC

BNM Issues Draft Rules on Financial Sector Use of Electronic KYC

17/12/2019

BNM recommends the use of AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification, and to automate decision-making in customer onboarding.

AML / KYC

HKMA Asks Banks, SVFs to Assess AML/CFT Risks of VASP Dealings

17/12/2019

Authorised institutions and SVF licensees should conduct appropriate risk assessments to differentiate the risks of the individual virtual asset service providers they deal with, the HKMA says.