Market Infrastructure

Hong Kong, Netherlands Agree Mutual Recognition of Funds

16/05/2019

Hong Kong and Dutch regulators have set out a framework for the exchange of information and mutual recognition of funds registered in both jurisdictions.

Market Infrastructure

SGX to Introduce 10-Minute ‘Trade at Close’ Session in June

16/05/2019

SGX will introduce a 10-minute ‘trade at close’ session starting from 3 June. The session will allow participants to execute orders at the closing price of a security.

Fintech / Regtech

S. Korea Accepts Eight More Fintech Sandbox Participants

16/05/2019

The FSC has approved eight more fintech services for the regulatory sandbox, bringing the total number of approved companies to 26.

Enforcement

ASIC Raises Bar for Complaints Handling at Financial Firms

16/05/2019

The proposals raise internal dispute resolution standards at financial firms, and introduce mandatory data reporting to help make complaints handling performance more transparent.

Market Infrastructure

ESMA Recognises India ICC as Third Country CCP

15/05/2019

The recognition gives India ICC QCCP status across the European Union. QCCP members are subjected to lower capital requirements/charges under Basel III.

Market Infrastructure

SC Malaysia Issues Guidelines on Business Continuity

15/05/2019

The Securities Commission requires each capital market entity to have business continuity management arrangements as part of ensuring systemic resiliency of the capital market.

AML / KYC

Wolfsberg Group Publishes Guidance on Customer Tax Evasion

15/05/2019

Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion.

Fintech / Regtech

Hong Kong, Thailand Central Banks Sign Fintech Collaboration Agreement

15/05/2019

HKMA and BOT have agreed to collaborate on fintech innovation, including through a joint research project on the development of a central bank digital currency.

Enforcement

Taiwan Adviser Found Embezzling $4.8mn Over 14 Years

14/05/2019

A Hua Nan Commercial Bank adviser allegedly withdrew money from client accounts and made loans in their names, before diverting the funds to a company operated by her relatives.