Enforcement

ACCC Mortgage Pricing Inquiry to Extend Beyond Mortgage Pricing

24/10/2019

ACCC chairman Rod Sims reportedly told a parliamentary hearing that bundling products such as credit cards and insurance would form part of the agency’s inquiry.

Market Infrastructure

Philippines to Adopt QR Codes for Payments Nationally

24/10/2019

Once the national QR code standard is established, bank and non-bank payment providers will have 30 days for adoption. Those already offering QR-enabled payments will have until mid-2020.

CBIRC Tightens Oversight on Structured Deposits Sold by Banks

24/10/2019

Banks can only offer structured deposit products if they have derivatives trading licences, and they must ensure the sales process is done in a “legally compliant manner”.

AML / KYC

Three Indonesians Charged with Terrorism Financing in Singapore

24/10/2019

The three individuals are said to have provided a total of about S$1,500 to individuals in Indonesia for the purpose of facilitating terrorist acts after being ‘radicalised’ last year.

Enforcement

UBS Identifies ‘Inappropriate Spreads’ Charged to HK, SG Clients

24/10/2019

UBS may have charged some wealth management clients booked in Hong Kong and Singapore ‘inappropriate spreads’ on debt securities transactions between 2008 and 2015.

Fintech / Regtech

Thailand SEC Approves First ICO Portal

23/10/2019

Under Thailand’s regulatory framework, ‘ICO portals’ help screen ICOs, conduct due diligence, prove smart contract source codes and verify KYC processes before they are released to the market.

Securities / Derivatives

SEBI Allows Stock Exchange Listings of Commercial Paper

23/10/2019

SEBI says issuers have shown an interest in listing their commercial paper on stock exchanges to capture broader investor participation.

Enforcement

JPM, SocGen Earned $6.8mn on Money-Losing DLFs Sold in Korea

23/10/2019

FSS data shows that JP Morgan Chase and Société Générale earned nearly $6.8mn from the high-risk derivatives products sold through KEB Hana and Woori Bank.

Capital / Liquidity

China Criminalises Loans with Annual Interest Over 36pc

23/10/2019

All agency fees, consulting fees, management fees and default penalties will be included in the interest rate calculation, effectively lowering the threshold.