Enforcement

SFC Fines China Rise for Short Selling, Cross Trading Breaches

31/10/2019

China Rise’s former CEO placed 199 illegal short selling orders in 2014, and an unnamed senior manager executed cross trades at a price detrimental to the client.

Market Infrastructure

Singapore Brokers Experience DDoS-related Disruption

31/10/2019

MAS said a small number of stock brokers encountered DDoS attacks last week, but only “limited disruption” resulted due to their mitigation services being activated.

Enforcement

Unauthorised New Zealand Adviser Jailed for 6 Years, 8 Months

31/10/2019

The sentence follows a conviction in August of 38 charges relating to a multi-million dollar fraud, set up to fund a lavish lifestyle and targeting vulnerable individuals.

Market Infrastructure

China Further Eases Restrictions on Foreign Investment

31/10/2019

China will not force foreign investors and companies to transfer their technology to their local partners, according to Vice Minister of Commerce Wang Shouwen.

Fintech / Regtech

S. Korea Launches 10-Bank Pilot of Open Banking System

31/10/2019

Initially, bank customers will be able to access services from 10 banks, before the system is expanded to other banks and fintech firms in December.

AML / KYC

AUSTRAC: Mutual Banks Face High Money Laundering Risk

31/10/2019

Mutual banks are vulnerable to money laundering due to their high exposure to cash transactions, non-face-to-face service delivery, and outsourcing of AML compliance processes.

AML / KYC

Bangladesh to Launch e-KYC for Bank Account Opening in January

31/10/2019

Account opening in Bangladesh currently takes 3-7 days. Based on pilot testing in 33 districts, the new e-KYC system will reduce this to just 5 minutes.

Securities / Derivatives

UBS Becomes First Foreign Firm to Sponsor STAR Market IPO

30/10/2019

China-based UBS Securities, now majority-controlled by UBS Group AG, was the sole underwriter for the IPO, which is also now the first STAR Market stock dually-listed in Hong Kong.

Securities / Derivatives

China Commodity Exchanges to Stop Double-counting Trade Volumes

30/10/2019

The SHFE, DCE and ZCE will all move to reporting on a single-count basis from 1 January 2020, in a bid to converge with international standards.