Enforcement

Westpacs Provision Extra A$510mn for Customer Remediation

02/05/2019

Misconduct linked to the issues identified by the royal commission could cost Australia’s four largest banks up to A$10bn.

Securities / Derivatives

MAS Consults on Proposed Framework for Variable Capital Companies

02/05/2019

The proposals include an AML/CFT framework for VCCs requiring them to engage an eligible financial institution to perform the necessary checks.

Market Infrastructure

FSS to Relaunch Inspections of Financial Firms This Month

02/05/2019

The FSS will look into corporate governance, internal controls and consumer protection practices at KB Financial Group, KB Kookmin Bank and KB Securities, among others.

Market Infrastructure

HK-China Stock Connect to Include Dual Class Shares from July

02/05/2019

HKEX and the CSRC have agreed to allow listed companies with dual class shares to be included in the southbound Stock Connect trading starting in July.

Enforcement

China Arrests 41 People Linked to Tuandai.com in P2P Crackdown

02/05/2019

Following the collapse of P2P platform Tuandai.com in March, Chinese authorities have arrested 41 people connected to the platform, including its owners.

Market Infrastructure

APRA Revises Prudential Standard to Enhance Superannuation Outcomes

02/05/2019

The revisions will require superannuation licensees to review their performance, analyse member outcomes, and take action to address areas that require improvement.

Market Infrastructure

Philippines Allows Foreigners to Serve as Bank Directors, Officers

01/05/2019

The Philippine central bank has amended rules that previously prohibited the election and appointment of foreign nationals as directors and officers of financial institutions in the country.

Market Infrastructure

UPDATED – NSE Ordered to Pay Disgorgement in Co-Location Case

01/05/2019

NSE will also be prohibited from issuing an IPO and launching new derivatives products for six months. Two former managing directors also found to be guilty.

Crypto / Digital Assets

S. Korea Seeks Lower Barriers for Retail Investment in Derivatives

30/04/2019

The KRX seeks to reduce the minimum account size required to open a derivatives trading account, and to ease compulsory training requirements for retail investors.