Market Infrastructure

TMA Publishes Consultation Conclusions on HONIA Enhancements

16/12/2019

HONIA will continue to be calculated based on data from the existing five contributing money brokers for now, but the reporting window will change to 8:00-16:00.

Enforcement

FSC Korea Finalises Measures to Protect Investors From Risky Products

16/12/2019

The sale of highly complex derivative products will still be banned, but banks will be allowed to sell equity-linked trusts linked to the KOSPI 200, S&P 500, Euro Stoxx 50, HSCEI or Nikkei 225.

Market Infrastructure

HKEX Finalises Enhancements to Pre-Opening Session, Volatility Controls

16/12/2019

The enhancements to the pre-opening session will be adopted in the second quarter of 2020. The stock-level volatility control mechanism will be expanded in the second half of 2020.

Enforcement

APRA Imposes Licence Conditions on CBA-owned Avanteos Investments

13/12/2019

CBA-owned Avanteos Investments charged over 2200 deceased members adviser service fees for 15 years, resulting in a total financial impact of over A$6mn.

Market Infrastructure

UK Senior Managers Regime Now Covers All FCA Regulated Firms

13/12/2019

All FCA regulated firms, including asset managers and hedge funds, now have to comply with the SM&CR, including for senior managers and key risk-takers hired at overseas branches.

Capital / Liquidity

APRA Updates Prudential Standard on Credit Risk Management

13/12/2019

The revised prudential standard on credit risk management will come into effect from 1 January 2021, six months later than was proposed in a March consultation.

Market Infrastructure

MAS Forms Culture and Conduct Steering Committee for Insurance

13/12/2019

The steering committee will monitor trends and identify emerging issues, and collaborate with MAS on initiatives to promote strong culture and conduct in Singapore’s insurance industry.

Fintech / Regtech

CPMI Offers Guidance for Designers of Wholesale Digital Tokens

12/12/2019

The report describes the potential innovations and design questions associated with digital tokens that could be used to settle large-value payments.

Big Picture

Geopolitical Risk Surpasses Cyber as Top Overall Risk: Survey

12/12/2019

Geopolitical risk & trade tensions was cited as the top overall risk for 2020 in DTCC’s annual Systemic Risk Barometer Survey, though cyber was cited more frequently as a ‘top 5 risk’.