Market Infrastructure

CBIRC Grants Allianz Approval to Commence Operation in China

19/11/2019

The approval makes Shanghai-based Allianz (China) Insurance Holding Company Limited the first fully foreign-owned insurance holding company to operate in China.

AML / KYC

Singapore Re-Rated on Four FATF Recommendations

19/11/2019

Singapore is still rated ‘partially compliant’ on three FATF Recommendations for technical compliance, and will remain in enhanced follow-up.

Enforcement

Philippine SEC Orders Takeover of Brokerage Following Stock Theft

19/11/2019

A settlement clerk siphoned client securities into a private account and sold them over eight years, leaving a $13.8 million hole in R&L Investments’ books.

Securities / Derivatives

CSRC to Allow Full Conversion of Non-tradeable Shares to H-Shares

19/11/2019

The move is seen as a way for state investors to exit some industries, and a way for some mainland companies to raise new funds and improve liquidity in their H-shares.

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.