SEBI to Force Borrowers to Disclose Defaults to CRAs

23/08/2019

The move follows a spate of defaults in India where credit rating agencies were blamed for being unable to flag potential credit risks.

Enforcement

SEBI Targets Insider Trading with Informant Reward Mechanism

22/08/2019

Whistleblowers will be eligible for rewards up to $139,000 and, if culpable themselves, for amnesty or settlement with SEBI.

Securities / Derivatives

SZSE ChiNext Board to Adopt Registration Based IPO System

22/08/2019

Shenzhen’s ChiNext board has begun work to prepare for adoption of a registration-based IPO system, currently in use at Shanghai’s new tech board.

ASIC to Monitor Progress to End Conflicted Remuneration

22/08/2019

ASIC will investigate the steps licensed entities are taking to end grandfathered conflicted remuneration for financial advisers and whether the benefits are passed on to clients.

Capital / Liquidity

Singapore Large Exposures Rules to Take Effect in Oct 2020

22/08/2019

MAS published a draft large exposures framework in early 2018, trying to meet the BCBS timeline for adoption in January 2019. The final rules will now take effect in October next year.

AML / KYC

Australia Introduces Bill to Criminalise Cash Payments Over A$10,000

22/08/2019

Under the proposed law, Australians would face up to two years’ jail and A$25,200 in fines if cash transactions between business and individuals exceed A$10,000.

AML / KYC

NTU Singapore to Develop New Tools to Fight Money Laundering

22/08/2019

Supported by the MAS and Singapore’s major banks, the project seeks​ to help wealth managers address money laundering risks with new AI and machine learning capabilities.

Market Infrastructure

Goldman Files Application to Control China Securities JV

22/08/2019

Goldman is seeking to bring its China business in line with its operations in other parts of the world – as its local partner folds its operations into the joint venture.

Enforcement

Former NAB Branch Manager Pleads Guilty to Fraud

22/08/2019

The former branch manager has already received a permanent ban from ASIC for making false and misleading statements to NAB in relation to 24 home loan applications.