Market Infrastructure

Singapore Finalises Tax Framework for VCCs

07/08/2019

An umbrella VCC needs to file a single corporate income tax return, regardless of the number of sub-funds. GST and stamp duty will be applied at the sub-fund level.

Market Infrastructure

MAS Mandates Baseline Requirements on Cyber Hygiene

07/08/2019

The legally binding cyber hygiene requirements must be implemented by all MAS regulated financial institutions by 6 August 2020.

Enforcement

Westpac NZ Refunds 93,000 Customers for Incorrectly Charged Fees

07/08/2019

Westpac self-reported the incorrectly charged fees in December 2017, and has already completed a significant part of the work to reach and refund impacted customers.

Market Infrastructure

SGX-NSE GIFT City Trading Link Receives Regulatory Approval

07/08/2019

The so-called ‘NSE IFSC-SGX Connect’ is set to become operational by end-2020, ending a dispute between the two exchanges.

Market Infrastructure

RBNZ Consults on New Regulatory Regime for FMIs

07/08/2019

The RBNZ is consulting on a draft bill that sets out New Zealand’s new regulatory regime for financial market infrastructures.

Enforcement

RBI Issues Fines on Multiple Banks Totalling $2.9mn

06/08/2019

The fines, involving 15 banks in total, were related to delays in reporting fraud and non-compliance with various other RBI norms.

Market Infrastructure

Cayman ‘Economic Substance’ Rule Hits Hong Kong Hedge Funds

06/08/2019

The new rule requires investment managers to demonstrate ‘economic substance’ in Cayman to continue operating by setting up offices, moving teams over or outsourcing activities to local firms.

Market Infrastructure

Indonesia to Ease Rules on Bank Mergers, Including for Foreign FIs

06/08/2019

The rules currently require acquiring banks to merge all their local operations into a single entity, but this has proved unpopular among foreign lenders seeking to expand Indonesia operations.

Securities / Derivatives

SEBI Proposal Stricter Rules for Portfolio Managers

06/08/2019

SEBI proposes a higher net worth requirement, a higher minimum investment, and standardised performance reporting for portfolio managers, among other changes.