Enforcement

ANZ Agrees to Settle 2010 Fees-Related Class Action for A$1.5m

11/07/2019

Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.

Capital / Liquidity

ASIC Defends Responsible Lending Guidance

11/07/2019

ASIC says the proposed responsible lending guidance is not about increasing requirements; rather, it seeks to clarify and update guidance on existing requirements.

Market Infrastructure

RBI Proposes to Extend Trading Hours for Forex, Money Market

11/07/2019

An RBI working group has proposed extending onshore FX trading from 5pm to 9pm, in a bid to recapture liquidity lost to offshore markets in recent years.

Securities / Derivatives

SGX RegCo Announces Changes to Voluntary Delisting Rules

11/07/2019

The new rules require exit offers in conjunction with voluntary delistings to be both “reasonable” and “fair”, and exclude the offeror and concert parties from the shareholder vote.

Fintech / Regtech

China to Respond to Libra with Government Backed CBDC

11/07/2019

The PBOC is organising market-oriented institutions to jointly research and develop a central bank digital currency, in a programme that has already been approved by the State Council.

Capital / Liquidity

APRA Orders A$500m Capital Charge for ANZ, NAB, Westpac

11/07/2019

The increase in capital requirements are to reflect weaknesses in operational risk management identified in the banks’ self-assessments.

Securities / Derivatives

China Introduces Trading Alerts for Interbank Repo Rates

11/07/2019

The move follows the PBOC’s suspension of traders earlier this week for “abnormal” trades which put the overnight repo rate far below normal market rates.

Enforcement

Singapore Convicts Three Front-Runners Under Insider Trading Laws

11/07/2019

Two First State equity dealers told a UOB Kay Hian remisier about their firm’s intended orders to front-run trades in 100 counters, leading to over S$8mn in insider trading profits over 8 years.

Enforcement

SFC Fines Celestial Commodities for Mishandling Client Money

10/07/2019

Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.