Securities / Derivatives

ICBC US Brokerage Unit Penalised for Unlawful ADR Practices

17/06/2019

ICBC Financial Services LLC will pay over $42m to the US SEC for improper handling of ‘pre-released’ ADRs, and $3m to the DOJ for conspiring to rig bids related to the release of ADRs.

AML / KYC

HKMA Sets Out AML/CFT Best Practices for SME Onboarding

17/06/2019

A thematic review has concluded that authorised institutions have in general applied the risk-based approach to AML/CFT measures, but there is room for improvement.

Securities / Derivatives

Shanghai’s New Tech Board to Commence Trading Within 2 Months

15/06/2019

China has held a launch ceremony for Shanghai’s new board, termed the ‘SSE STAR Market’. Trading is expected to commence within 2 months with about 30 companies.

Market Infrastructure

Singapore, UK to Enhance Cooperation on Cyber Security

14/06/2019

Authorities in Singapore and the UK have agreed to enhance cooperation in cyber security, data connectivity, talent development and green finance.

Market Infrastructure

RBA Proposes Financial Penalties for Slow NPP Adoption

14/06/2019

The RBA recommends the introduction of an enforceable sanctions regime and possible financial penalties for NPP participants that do not support core capabilities within a specific period of time.

AML / KYC

AUSTRAC Orders Audit of Afterpay’s AML Compliance

14/06/2019

AUSTRAC has ordered ‘buy-now, pay-later’ service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.

Securities / Derivatives

SFC Provides Additional Guidance on Sale of Complex Products

14/06/2019

Paragraph 5.5 of the Code of Conduct is only applicable for unsolicited purchases of complex products. Intermediaries can apply a risk-based approach to disclosures for repeat purchases.

Capital / Liquidity

APRA Issues First Round Response to Bank Capital Consultation

14/06/2019

The new framework will impose higher capital charges by applying higher risk weights on mortgage loans that are seen as more risky, especially interest-only or investor loans.

Market Infrastructure

Japan Delays Pension Reform Amid Political Fallout

13/06/2019

An FSA report which highlighted the insufficiency of Japan’s pension system has been withdrawn by the government ahead of a national election.