Structural Regulation

CSRC Issues New Rules for China Offices of Foreign Exchanges

31/07/2019

Representative offices of foreign exchanges have 12 months to register with the CSRC, and are prohibited from engaging in any profit-making activities in China.

Market Abuse

Five Major Banks Face UK Class Action in FX Rigging Case

31/07/2019

The class action, estimated to be worth more than $1.2bn for trades executed in the UK, follows a similar-size fine levied against the banks by the European Commission in May.

Resolution & Recovery

US Regulators Approve 82 Foreign Banks’ Resolution Plans

31/07/2019

The Fed and FDIC have accepted the resolution plans of 82 foreign banks, and granted an extra year extension before the next resolution plans need to be submitted.

Structural Regulation

JPX, TOCOM Finalise Merger Agreement to Create Integrated Bourse

31/07/2019

TOCOM precious metals, agricultural and rubber products will be transferred to Osaka Exchange, a JPX subsidiary, creating an all-in-one bourse by July 2020.

Operational Risk

Taiwan Issues First Three Digital Bank Licences

31/07/2019

The three digital only bank licences went to conglomerates led by Japan’s LINE Group; Taiwan’s Chunghwa Telecom; and Japanese e-commerce firm Rakuten Inc.

Structural Regulation

CSRC Issues Comprehensive Rules for Brokerage Firms

31/07/2019

The role of brokerage firms in the securities market has not been fully utilised, and the professional services provided to investors are ‘seriously inadequate’, the CSRC says.

Trading & Investment

ASIC Proposes Disclosure Relief for Agent Securities Lenders

30/07/2019

The proposed relief will defer substantial holding notifications required of agent lenders to the time when lending authority is first exercised.

Structural Regulation

Singapore, Australia Benchmarks Gain EU Equivalence

30/07/2019

The European Commission has adopted equivalence decisions for Australian and Singapore financial benchmarks, but repealed existing equivalence for credit rating agencies.

Structural Regulation

Twenty Suspended Firms Face Permanent Delisting in Hong Kong

30/07/2019

Of the 22 firms that were already suspended last August when new rules took effect, only two have so far been given the green light for their shares to resume trading.