Anti-Money Laundering

New Zealand FX Broker Issued Formal Warning for AML Violations

21/10/2019

Forex brokerage Circle Markets Limited did not dispute the FMA’s findings, and its sole director admitted to not fully understanding his AML/CFT obligations.

Emerging Prudential Risks

AMAC Warns of Concentration Risk in China Funds Industry

21/10/2019

Over 20,000 private fund managers registered with AMAC are controlled by fewer than 2,000 people, prompting concerns of excessive concentration in the industry.

Structural Regulation

UPDATED – Japan Cabinet Approves Tougher Foreign Investment Rules

21/10/2019

Japan’s proposal to lower the notification threshold for foreign investors has passed the cabinet and could become law by early April, with exemptions for foreign FIs.

Conduct, Culture & Accountability

FSC Korea to Boost Supervisory Capacity to Prevent Mis-selling

21/10/2019

The FSC will reportedly increase the number of banking, financial investment and asset management experts it has on staff for inspections of banks, security firms and insurers.

Stablecoins

G20 Finance Leaders Agree to Regulate Stablecoins

21/10/2019

Amid warnings from the FSB and FATF, the G20 finance leaders have agreed that no stablecoin project should commence operation until their risks are evaluated and appropriately addressed.

Conduct, Culture & Accountability

Australia to Ban Grandfathered Conflicted Remuneration from 2021

19/10/2019

The bill to end the payment of grandfathered conflicted remuneration to financial advisers has now passed in the Senate, after passed in the House of Representatives last month.

Market Abuse

Former Supervisor at ICBC Unit Settles with US SEC

18/10/2019

The former supervisor of ICBC’s US broker-dealer unit has agreed to settle charges for failures involving the improper handling of transactions of ADRs.

Cybersecurity

SEBI Issues Measures to Protect Securities Market Client Records

18/10/2019

A new cybersecurity framework has been issued for KYC registration agencies. Stockbrokers, depository participants, registrars and transfer agents are asked to submit their quarterly reports by end-November.

Structural Regulation

China Bond Market Access Schemes to Become Interoperable

18/10/2019

Foreign institutional investors can transfer bond holdings and funds between their QFII/RQFII and direct investment schemes starting from 15 November.