Market Infrastructure

Morgan Stanley, JP Morgan Take Control of China JVs

06/08/2019

Morgan Stanley has become the latest foreign firm to control a securities JV in China, while JP Morgan becomes the first foreign firm to own a majority stake in an asset management JV.

AML / KYC

MAS Targets Market Abuse with Proposed New Requirements

06/08/2019

Capital market licensees will have to record all client communications and capture their mobile device IDs. Foreign intermediaries will have to provide UBO information on request.

Market Infrastructure

Japan: Security Failures Force New Payments Service to Shut

06/08/2019

The security breach saw more than 38mn yen stolen from more than 800 accounts in the days after the July launch of a new mobile payment service for convenience stores.

Enforcement

SFC Imposes Lifetime Ban on Former UBS Adviser

06/08/2019

More than 10 years ago, the adviser accepted HK$1.4m in bribes from a client, paid at a rate of 20% of portfolio gains.

AML / KYC

Malaysian Authorities Bust Illegal Money Services Network

05/08/2019

In raids were jointly conducted by central bank, police and immigration officers, authorities seized almost $1mn, along with documents, computers and mobile phones.

Market Infrastructure

RBI Tightens Criteria for Board Appointments at State Banks

05/08/2019

The revised criteria for determining the ‘fit and proper’ status of proposed candidates include age, education, experience, and track record, among other criteria.

Securities / Derivatives

SSE, SZSE Set to Allow Trading in HK-Listed Dual Class Shares

05/08/2019

The Shanghai and Shenzhen stock exchanges are consulting on rule changes that will allow Chinese investors to trade Hong Kong-listed dual-class shares via Stock Connect.

Enforcement

Australia: NAB, EY Under Fire Following Whistleblower Leak

05/08/2019

A whistleblower has leaked internal NAB documents to highlight the bank’s lax approach to risk management, customer remediation, and conflicts of interest with its auditor.

Market Infrastructure

SEBI Seeks Uniform Penalties Framework for Margin Reporting Failures

03/08/2019

Fines charged to members for misreporting or non-reporting of margins collected from clients may extend to 100% of the incorrectly or nonreported amount.