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.

Capital / Liquidity

HKMA D-SIBs List Unchanged, HLA Requirement Adjusted for Two Banks

28/12/2019

Compared with the December 2018 list, the HLA requirement has increased for Standard Chartered and decreased for Hang Seng Bank.

Enforcement

SEBI Establishes Insider Trading Whistleblower Protection Office

28/12/2019

The ‘Office of Informant Protection’ is charged with receiving and processing information on insider trading disclosed by whistleblowers, and with protecting their identities.

Market Infrastructure

Korea FSC Sets Out Financial Policies Tasks for 2020

28/12/2019

The FSC will expand funding for innovative companies and key industries, strengthen financial consumer protections, tighten mortgage lending rules, and facilitate debt restructuring.

Market Infrastructure

Japan Unveils Final Report on Proposed TSE Reorganisation

28/12/2019

The transition to three market sections is expected to be completed within H1 2022, but the changes will be implemented gradually in phases to mitigate the impact on listed companies.

Enforcement

CBIRC Inner Mongolia Official Under Corruption Probe

28/12/2019

The case reportedly relates to the official’s supervision of Baoshang Bank which was taken over by regulators in May due to “serious credit risks”.