Market Infrastructure

Auditor Independence Still an Issue for Audit Quality: FMA

18/11/2019

The key issues identified in the FMA’s Audit Quality Report 2019 related to auditor independence, related party transactions, accounting estimates, and auditor response to fraud risk.

Fintech / Regtech

ASX Consults on Tranche 1 Rule Changes for CHESS Replacement

18/11/2019

ASX is consulting on the first of three tranches of operating rule amendments required to facilitate the implementation of the CHESS replacement system in April 2021.

Market Infrastructure

ISDA Publishes Consultation Results on Benchmark Fallback Parameters

18/11/2019

The majority preferred a historical median spread adjustment with a five year lookback period, and a two-banking-day backward shift adjustment for the compounded setting in arrears rate.

Enforcement

Fostering Customer Trust in the Financial Industry: MAS

18/11/2019

Regulators and FIs alike have an important part to play to build trust in the financial industry, MAS deputy managing director Ong Chong Tee said in a speech on Saturday.

Market Infrastructure

China Eases Foreign Access to Interbank FX Derivatives for Hedging

18/11/2019

Under draft measures from SAFE, foreign institutional investors may participate in interbank FX derivatives to manage foreign exchange risk arising from interbank bond investments.

AML / KYC

NAB Faces Potentially Significant AML Penalties

18/11/2019

NAB’s annual report says the bank has reported “a number of” AML/CTF compliance breaches to regulators, the potential outcome and costs of which remain uncertain.

Enforcement

CSRC Revokes Licences of CEFC China Securities Unit

18/11/2019

CEFC Shanghai Securities Co used its own and client funds to provide financing to its parent and other affiliated companies for purchasing and leasing properties.

Enforcement

SFC Bans Former Deutsche Securities RO for Life

18/11/2019

For ban follows a February 2018 conviction, where the former responsible officer was sentenced to 45 months’ imprisonment and ordered to pay HK$6.4mn to Deutsche Bank AG in restitution.

Enforcement

UBS Fined in Singapore for Pricing Deception by Advisers

18/11/2019

The MAS penalty follows similar action taken against UBS by the Hong Kong SFC to penalise the bank and demand compensation for clients that were overcharged over a ten-year period.