Enforcement

CSRC Lifts Citadel Securities’ 4-Year Trading Suspension

21/01/2020

Citadel Securities has agreed to pay almost $100mn to settle charges that its algorithmic trading disrupted the market during the 2015 market correction.

Securities / Derivatives

SFC Offers Brokers, Fund Managers Guidance on Risk Governance

21/01/2020

Senior management, including the board, responsible officers and MICs will be held accountable for the overall risk management control of their firms.

Big Picture

Moody’s Downgrades Hong Kong, Citing Lack of Response to Unrest

21/01/2020

The absence of an effective response by Hong Kong’s government to address the concerns of the population indicate weaker institutional and governance strength.

Fintech / Regtech

Former CFTC Chair Launches Digital Dollar Project with Accenture

20/01/2020

The Digital Dollar Project is a multi-stakeholder initiative to explore options for creating a US dollar CBDC, which would coexist with other Federal Reserve liabilities.

Myanmar to Issue New Licences to Foreign Banks

20/01/2020

Foreign banks that have had a representative office in Myanmar for at least three years can apply for a branch licence or a subsidiary licence.

SEBI Proposes Stricter Rules for Investment Advisers

20/01/2020

The rules include higher net worth requirements, caps on advice fees, and client level segregation of investment advice from product distribution.

RBI Issues Operational Guidance for UCB Large Exposure Reporting

20/01/2020

Large urban cooperative banks have to report exposures over 50mn rupees to a central repository within one month from the end of each quarter.

Securities / Derivatives

IOSCO Issues Final Report Recommending UTC Time Stamping of Trades

20/01/2020

Trading venues and their participants should synchronise the clocks they use for timestamping reportable events with coordinated universal time (UTC), IOSCO says.

CBIRC Whistleblower Handling Mechanism to Take Effect from March

20/01/2020

The measures oblige banking and insurance supervisors to investigate violations of banking and insurance laws and regulations reported by whistleblowers, and to protect their privacy.