AML / KYC

Korea’s FIU Seeks Direct Supervision Over Crypto Exchanges

08/08/2019

Currently, the Financial Intelligence Unit only indirectly regulates cryptocurrency exchanges in Korea through the administrative guidance it issues for banks.

Market Infrastructure

SHCH Issues Draft Guidance on Clearing Member Default Management

08/08/2019

In the event of a default, Shanghai Clearing House can initiate rapid disposal of non-cash collateral, demand the disposal of a clearing member’s other assets, or perform a forced liquidation, among other measures.

Fintech / Regtech

Philippine SEC Proposes New Requirements for Online Lending Platforms

08/08/2019

The SEC proposes new disclosure and reporting requirements for operators of online lending platforms, in response to inquiries from the public about their registration and legitimacy.

Securities / Derivatives

China Allows Banks to Trade Bonds Via Stock Exchanges

08/08/2019

Currently, Chinese banks mostly trade bonds only in the interbank market. The move will increase their allowed scope for bond investments and improve the real economy’s access to financing.

Enforcement

CSRC Imposes $56mn Penalty on Individual for Insider Trading

08/08/2019

The individual learned of a gaming company’s acquisition plans months in advance and used 14 stock accounts set up by acquaintances to profit from the information.

Enforcement

ASIC Proposes Regulatory Guide on Whistleblower Policies

08/08/2019

Companies have to implement a whistleblower policy by January 2020. ASIC’s guidance explains how they should be established, implemented and maintained.

Fintech / Regtech

MAS Launches Faster Option Sandbox Testing

08/08/2019

Sandbox Express entails an approval process of just 21 days before firms can start testing innovative financial products and services in a pre-determined environment.

Market Infrastructure

ASX Finalises Updated Guidance for Clearing, Settlement Participants

08/08/2019

ASX has finalised its updated guidance for clearing and settlement participants on their business continuity, disaster recovery and cyber resilience arrangements.

Market Infrastructure

Singapore Finalises Tax Framework for VCCs

07/08/2019

An umbrella VCC needs to file a single corporate income tax return, regardless of the number of sub-funds. GST and stamp duty will be applied at the sub-fund level.