Enforcement

AFCA Clarifies How it Will Assess Legacy Complaints

12/09/2019

AFCA ombudsman Shail Singh says legacy complaints will be assessed against laws, industry practices and applicable standards in force at the time of the misconduct.

Enforcement

Japan Brokerage Sanctioned for Giving a Client Preferential Treatment

12/09/2019

A former baseball star and member of Japan’s Parliament was allowed to continue trading derivatives despite persistent margin shortfalls over about 9 months.

BSP Revises Rules to ‘Institutionalise’ Consumer Protection at Banks

11/09/2019

The BSP has revised its financial consumer protection framework to ensure banks conduct their business ethically and refrain from practices that may cause harm to consumers.

Enforcement

ASIC to Appeal Westpac Responsible Lending Case Dismissal

11/09/2019

ASIC says last month’s federal court’s ruling in favour of Westpac creates uncertainty as to what is required for a lender to comply with its loan assessment obligations.

Crypto / Digital Assets

FSC Korea Gets New Chairman, Eun Sung-soo

11/09/2019

In his inauguration speech, the new FSC chairman Eun Sung-soo vowed to act quickly if financial market volatility increases.

Enforcement

SFC Fines HSBC HK$2.1m for Phone Recording Failures

11/09/2019

Voice recording was inadvertently not enabled on some private banking service lines, resulting in over 5,800 client order instructions not being tape-recorded.

AML / KYC

AUSTRAC Order A$250,000 Fine Against Compass Global Holdings

11/09/2019

AUSTRAC says Compass Global Holdings failed to report international funds transfers between 2018 and 2019.

Securities / Derivatives

Euroclear to Establish Link with China Interbank Bond Market

10/09/2019

The link will seek to simplify the process for foreign investors accessing the China interbank bond market and bring its cross-border settlement mechanism in line with global standards.

Market Infrastructure

China to Scrap QFII, RQFII Quota Restrictions

10/09/2019

SAFE has announced it is removing its QFII and RQFII quota restrictions, as well as the country and region requirements for both schemes.