Enforcement

ASIC Launches Court Proceedings Against NAB Over Service Fees

18/12/2019

NAB is alleged to have broken the law more than 12,000 times by charging customers fees for no service and issuing defective fee disclosure statements.

AML / KYC

US SEC Settles FCPA Charges Against Goldman’s Tim Leissner

18/12/2019

Leissner has agreed to be permanently barred from the securities industry for violating antibribery, internal accounting controls, and books and records provisions of federal securities laws.

Capital / Liquidity

Chinese Banks Told to Further Reduce Small Business Borrowing Costs

18/12/2019

The State Council has asked banks to further lower financing costs for small and micro businesses and to increase lending to such businesses by 20% over the next year.

Securities / Derivatives

IOSCO Offers Guidance on Reducing Conflicts in Debt Capital Raising

18/12/2019

The guidance includes proposed regulatory measures to address potential conflicts of interest and associated conduct risks that could arise in the debt capital raising process.

Capital / Liquidity

HKMA Moderates Approach to Implementing Market Risk Framework

18/12/2019

The HKMA says it will finalise Hong Kong’s timeline when there is more clarity on the implementation status in other major jurisdictions.

ASIC Urges More Progress to Improve Insurance in Superannuation

18/12/2019

ASIC has observed improvements by a “significant number of trustees” as a result of the industry’s implementation of the Insurance in Superannuation Voluntary Code of Practice.

Fintech / Regtech

Cryptoasset Risk in Misalignment with Investor Profiles: OECD

18/12/2019

New OECD research has found a strong likelihood of misalignment between the risk profiles of some financial consumers and the riskiness of cryptoassets.

Securities / Derivatives

SEBI Restricts FPI Service Provisioning by Local Asset Managers

18/12/2019

Asset management companies can provide management and advisory services to “appropriately regulated entities” such as pension funds, insurance companies, banks and mutual funds.

Market Infrastructure

Taiwan to Boost Competitiveness as Financial Centre

18/12/2019

Taiwan will relax its rules on financial products, expanding its OBU business, and boost the resilience and innovativeness of Taiwanese financial institutions.