AML / KYC

China Strengthens AML/CFT Regime with New Guidance

22/02/2019

CBIRC has released guidance to help financial institutions improve AML/CFT controls, on the heels of recent news that PBOC is scrapping its approval process for corporate accounts.

Securities / Derivatives

SEBI Revises Haircuts on G-Secs Used as Stock Trading Collateral

22/02/2019

Following feedback from clearing corporations, there will now be three haircut slabs depending on the type and tenure of government securities.

Securities / Derivatives

SFC Issues Update on ‘Front Loaded’ Approach to Listing Rules

22/02/2019

The SFC “will not hesitate to intervene at an early stage” when it has serious concerns about IPO applications or post-IPO corporate transactions.

Enforcement

Australia Passes Law Enhancing Whistleblower Protections

22/02/2019

The law expands the whistleblower definition, extends protections for those who report misconduct, and requires companies to have a whistleblower policy.

Enforcement

ASIC Finalises HSBC’s 2016 Enforceable Undertaking

21/02/2019

Under HSBC Australia’s remediation programme, the bank offered about A$690,000 in compensation to 104 clients who may have received inappropriate advice.

Enforcement

CSRC Probes Losses at GF Securities Hedge Fund

21/02/2019

The CSRC is seeking details about large trading losses at a hedge fund managed by GF Securities’ Hong Kong unit. Citigroup faces up to $180mn in losses on a loan to the fund.

Enforcement

Australia Expands Remit of New Financial Complaints Authority

21/02/2019

As the Royal Commission considered misconduct cases dating back to 1 January 2008, AFCA’s remit will be expanded to enable reviews of eligible complaints over the same period.

Enforcement

Hong Kong Finance Manager Convicted of Insider Dealing

21/02/2019

A GEM stock finance manager was in possession of inside information related to unaudited losses and an impending share suspension when he and his father sold their shares in the company.

Market Infrastructure

EU, Singapore Agree to Mutually Recognise Derivatives Venues

21/02/2019

Singapore and EU-based firms will be able to trade derivatives on approved platforms based in either jurisdiction following proposed equivalence decisions by both regulators.