Enforcement

SFC Fines Sincere Securities for Internal Control Failings

16/08/2019

The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.

AML / KYC

Singapore Crypto Sector Consults on AML/CFT Code of Practice

15/08/2019

The code was facilitated by MAS and developed in consultation with ABS by ACCESS, the Association of Cryptocurrency Enterprises and Start-ups, Singapore.

Securities / Derivatives

Shanghai to Allow Multinational Firm Employees to Trade A-Shares

15/08/2019

The initiative is aimed at encouraging more multinational companies to set up their regional headquarters in Shanghai, which seeks status as a global financial centre.

Market Infrastructure

APRA Consults on Adjusted Schedule for Initial Margin Rules

15/08/2019

APRA is consulting on changes to the implementation schedule for initial margin requirements in Australia, in line with the one-year phased extension granted by BCBS and IOSCO last month.

Securities / Derivatives

Bursa Malaysia Revamps Rules for Derivatives Market Participants

15/08/2019

The updated rules allow non-face-to-face onboarding, remove voice logging for client orders, and introduce higher governance standards, among others.

Capital / Liquidity

APRA Orders Allianz to Raise Capital Level by A$250m

15/08/2019

APRA wants to send a message to the insurance and super sectors that it expects the same high standards of risk management, including for non-financial risks, as it does for banks.

Crypto / Digital Assets

RBI Issues Enabling Framework for Regulatory Sandbox

14/08/2019

The RBI has set a minimum net worth criteria of $35,000 for sandbox participants, half the amount specified in April’s draft.

Fintech / Regtech

Korea to Ease Entry of Innovative Businesses in Finance

14/08/2019

The FSC and FSS have jointly announced a set of measures designed to simplify the approval process for innovative businesses in finance.

Market Infrastructure

RBNZ Publishes New Data Series for Measuring Mortgage Risk

14/08/2019

The release of the new debt-to-income data comes as the government considers including it as an additional tool in the RBNZ’s macro-prudential toolkit.