Market Infrastructure

RBNZ Consults on New Regulatory Regime for FMIs

07/08/2019

The RBNZ is consulting on a draft bill that sets out New Zealand’s new regulatory regime for financial market infrastructures.

Enforcement

RBI Issues Fines on Multiple Banks Totalling $2.9mn

06/08/2019

The fines, involving 15 banks in total, were related to delays in reporting fraud and non-compliance with various other RBI norms.

Market Infrastructure

Cayman ‘Economic Substance’ Rule Hits Hong Kong Hedge Funds

06/08/2019

The new rule requires investment managers to demonstrate ‘economic substance’ in Cayman to continue operating by setting up offices, moving teams over or outsourcing activities to local firms.

Market Infrastructure

Indonesia to Ease Rules on Bank Mergers, Including for Foreign FIs

06/08/2019

The rules currently require acquiring banks to merge all their local operations into a single entity, but this has proved unpopular among foreign lenders seeking to expand Indonesia operations.

Securities / Derivatives

SEBI Proposal Stricter Rules for Portfolio Managers

06/08/2019

SEBI proposes a higher net worth requirement, a higher minimum investment, and standardised performance reporting for portfolio managers, among other changes.

Market Infrastructure

Morgan Stanley, JP Morgan Take Control of China JVs

06/08/2019

Morgan Stanley has become the latest foreign firm to control a securities JV in China, while JP Morgan becomes the first foreign firm to own a majority stake in an asset management JV.

AML / KYC

MAS Targets Market Abuse with Proposed New Requirements

06/08/2019

Capital market licensees will have to record all client communications and capture their mobile device IDs. Foreign intermediaries will have to provide UBO information on request.

Market Infrastructure

Japan: Security Failures Force New Payments Service to Shut

06/08/2019

The security breach saw more than 38mn yen stolen from more than 800 accounts in the days after the July launch of a new mobile payment service for convenience stores.

Enforcement

SFC Imposes Lifetime Ban on Former UBS Adviser

06/08/2019

More than 10 years ago, the adviser accepted HK$1.4m in bribes from a client, paid at a rate of 20% of portfolio gains.