SEBI Issues New Requirements for Gift City Investment Advisers

13/01/2020

Firms providing investment advisory services in Gift City are required to have a net worth of at least $1.5mn.

Market Infrastructure

Amex Closer to Entering China Bank Card Market – Report

13/01/2020

The latest approval comes over two years after Amex was approved to start preparing a joint venture business with local partner LianLian.

Securities / Derivatives

HKEX Asks Participants to Prepare Systems for Investor Compensation Levy

13/01/2020

While the collection of the investor compensation levy is currently suspended, exchange participants should take necessary actions to prepare for its calculation and payment.

AML / KYC

AUSTRAC, UK Gambling Commission Sign Anti-Financial Crime MOU

13/01/2020

The signing of the MOU brings the number of jurisdictions AUSTRAC shares regulatory intelligence with to five, on top of 93 MOUs it has with financial intelligence units.

Fintech / Regtech

S. Korea Passes Bills Enabling Commercialisation of Data

13/01/2020

The bills allow the commercial use of unidentified individuals without seeking their consent. A new data exchange will be launched in March.

Enforcement

CSRC Issues Warning Letter to GF Securities for Poor Compliance

13/01/2020

An investigation into the firm found fewer-than-required experienced compliance officers, and a lack of independence of its compliance function from other departments.

Market Infrastructure

Demand for Stablecoin, CBDC Not Yet Established: RBA

13/01/2020

A retail CBDC could ultimately hurt commercial banks, as it would translate to a fall in deposits and a reduction in the availability of funds for lending to households and businesses, the RBA says.

Securities / Derivatives

SGX Enhances Listing Due Diligence Standards for Issue Managers

13/01/2020

The ABS listings due diligence guidelines and independence requirements have been incorporated into SGX’s mainboard listing rules.

Capital / Liquidity

Sri Lanka to Enact New Banking Act in 2021

10/01/2020

The new Banking Act will streamline the licensing process, branch approvals, and adopt a proportionality framework for banking regulations, among other changes.