Capital / Liquidity

APRA Orders A$500m Capital Charge for ANZ, NAB, Westpac

11/07/2019

The increase in capital requirements are to reflect weaknesses in operational risk management identified in the banks’ self-assessments.

Securities / Derivatives

China Introduces Trading Alerts for Interbank Repo Rates

11/07/2019

The move follows the PBOC’s suspension of traders earlier this week for “abnormal” trades which put the overnight repo rate far below normal market rates.

Enforcement

Singapore Convicts Three Front-Runners Under Insider Trading Laws

11/07/2019

Two First State equity dealers told a UOB Kay Hian remisier about their firm’s intended orders to front-run trades in 100 counters, leading to over S$8mn in insider trading profits over 8 years.

Enforcement

SFC Fines Celestial Commodities for Mishandling Client Money

10/07/2019

Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.

Fintech / Regtech

FSC Korea to Resume Accepting Internet-Only Bank Applications

10/07/2019

The FSC will once again start receiving applications for new internet-only banks in October, with a view to granting one or more new licences by year-end.

Fintech / Regtech

Philippines SEC Approves Crowdfunding Rules

10/07/2019

The Philippines SEC has issued rules governing the operation and use of equity- and lending-based crowdfunding to help smaller firms access financing.

Enforcement

ASIC to Target Short Term Credit Industry With New Powers

10/07/2019

Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC’s proposed first use of its new product intervention power.

Enforcement

Chinese Payments Provider Caught Embezzling Funds – Report

10/07/2019

China-based UCF Pay, a subsidiary of Hong Kong-listed Chong Sing Holdings, reportedly used client funds for other purposes, causing a shortfall of ¥240mn.

Capital / Liquidity

APRA Raises Capital Requirements for Big Banks

10/07/2019

The big four banks will need to raise A$50bn to meet higher loss-absorbing capacity requirements by 2024, though the increase is less than was proposed last November.