Securities / Derivatives

IOSCO Unveils Framework for Monitoring Leverage-related Risks in Funds

16/12/2019

IOSCO has developed a framework for monitoring leverage across all types of investment funds globally, to help regulators assess leverage-related risks that can undermine financial stability.

Enforcement

RBNZ Orders ANZ New Zealand to Improve Director Attestation Processes

16/12/2019

A report from Deloitte shows some level of complacency in ANZ’s director attestation framework, but no evidence of a culture that supports non-compliance or deception.

Market Infrastructure

ASIC Increases Scrutiny on Audit Practices as Quality Drops

16/12/2019

ASIC’s latest inspection results show that audit firms did not obtain the required assurance in 26% of examined key audit areas, particularly in the audit of revenue and non-financial asset impairment.

Enforcement

MAS Revokes Fund Manager’s CMS Licence for Regulatory Breaches

16/12/2019

The CMS licensee is a Singapore company set up by CT Bright Holdings Limited, a joint investment vehicle formed by Thai conglomerate CP Group and Japan’s ITOCHU Corporation.

Market Infrastructure

TMA Publishes Consultation Conclusions on HONIA Enhancements

16/12/2019

HONIA will continue to be calculated based on data from the existing five contributing money brokers for now, but the reporting window will change to 8:00-16:00.

Enforcement

FSC Korea Finalises Measures to Protect Investors From Risky Products

16/12/2019

The sale of highly complex derivative products will still be banned, but banks will be allowed to sell equity-linked trusts linked to the KOSPI 200, S&P 500, Euro Stoxx 50, HSCEI or Nikkei 225.

Market Infrastructure

HKEX Finalises Enhancements to Pre-Opening Session, Volatility Controls

16/12/2019

The enhancements to the pre-opening session will be adopted in the second quarter of 2020. The stock-level volatility control mechanism will be expanded in the second half of 2020.

Enforcement

APRA Imposes Licence Conditions on CBA-owned Avanteos Investments

13/12/2019

CBA-owned Avanteos Investments charged over 2200 deceased members adviser service fees for 15 years, resulting in a total financial impact of over A$6mn.

Market Infrastructure

UK Senior Managers Regime Now Covers All FCA Regulated Firms

13/12/2019

All FCA regulated firms, including asset managers and hedge funds, now have to comply with the SM&CR, including for senior managers and key risk-takers hired at overseas branches.