Malaysia’s RHB Bank to Shutter Hong Kong Operations

11/12/2019

The move is said to be the result of an “increasingly challenging” operating and broking environment, largely attributed to a slow economy and ongoing civil unrest.

Enforcement

SEBI Bans Fidelity Trader and Family Members for Front-Running

10/12/2019

The trader used non-public information to front-run impending trades of Fidelity Group entities with his mother and sister’s trading accounts from Hong Kong.

Securities / Derivatives

RBI Relaxes Restriction on Foreign Exchange Hedging

10/12/2019

Residents and non-residents will be allowed to undertake OTC currency derivative transactions up to $10mn without having to evidence underlying exposure.

Securities / Derivatives

SFC, HKMA to Launch New Survey to Assess Product Selling Risks

10/12/2019

The survey will help the SFC and HKMA identify risks associated with the selling activities of intermediaries and coordinate their responses to address areas of common concern.

Big Picture

Fund Managers to Remain in Regulatory Spotlight in 2020: Moody’s

10/12/2019

Asset managers will remain in the regulatory spotlight as authorities actively work to reduce conflicts of interest in financial advice and elevate supervision of fund liquidity management.

Capital / Liquidity

Hong Kong Introduces New Loan Guarantee Scheme for SMEs

10/12/2019

LegCo has approved HK$33bn in funding to provide 90% guarantees on approved loans taken out by eligible enterprises and professionals seeking to set up their own practices.

Enforcement

Former CSRC Shandong Official Expelled from CCP For Graft

10/12/2019

Xu Tie was placed under investigation earlier this year, 6 years after his retirement from the Shandong bureau of the CSRC.

Capital / Liquidity

ASIC Offers Clarity on Responsible Lending Obligations

09/12/2019

ASIC has clarified when a licensee might undertake more or less detailed inquiries and verification steps based on different consumer circumstances and the type of credit being sought.

Market Infrastructure

ESMA Recognises India’s MCX Clearing Corp as Third Country CCP

09/12/2019

The recognition allows European participants to apply lower risk weights on their exposures to MCX CCL, which will translate to lower capital requirements.