Market Infrastructure

BNM Issues Draft Responsibility Mapping Framework for FIs

30/12/2019

The framework will ensure that responsibilities and accountabilities for key functions at financial institutions are clearly allocated to appropriately senior and competent individuals.

Capital / Liquidity

CBIRC Issues Revised Regulations for Foreign Banks in China

30/12/2019

The revised regulations implement the removal of foreign ownership limits and asset thresholds for setting up local units, among other relaxations.

Market Infrastructure

Grab, SingTel Team Up to Apply for Singapore Digital Bank Licence

30/12/2019

Grab and Singtel will respectively hold a 60% and 40% stake in the new consortium entity, which will seek to serve both retail consumers and SMEs.

Securities / Derivatives

Taiwan to Launch Real-time Data Feed for Futures Market

30/12/2019

The launch of TAIFEX’s real-time data feed will coincide with the TWSE’s introduction of a continuous trading mechanism for equities in March.

Enforcement

Former Hengfeng Bank Chairman Receives Death Sentence

29/12/2019

A two-year reprieve means the sentence will likely be commuted to life imprisonment for the 70-year old former chairman, after he was convicted for bribery, corruption and embezzlement.

AML / KYC

FINRA Fines Five Firms Over Custodial Accounts for Minors

29/12/2019

Citigroup, JP Morgan, LPL Financial, Morgan Stanley and Merrill Lynch failed to properly monitor custodial accounts to ensure assets were transferred to beneficiaries once they came of age.

Securities / Derivatives

SEBI Introduces Mandatory Stewardship Code for Fund Managers

28/12/2019

The new stewardship code will help institutional investors protect their clients’ wealth, improve corporate governance, and promote the development and regulation of the securities market.

Enforcement

FSA Orders Insurance Sales Halt at Japan Post Amid Misconduct Findings

28/12/2019

Two Japan Post Holdings subsidiaries are required to suspend insurance product sales for three months and submit business improvement plans by end-January.

Enforcement

Australia to Formalise ASIC-APRA Regulatory Cooperation

28/12/2019

The legislation will oblige ASIC and APRA to cooperate, share information with each other, and notify each other if they have a reasonable belief that there has been a breach of the other’s legislation.