Securities / Derivatives

‘No Concrete Timetable’ for Shanghai-London Connect – SSE

17/05/2019

The project to link the Shanghai and London stock exchanges has reportedly lost momentum in China, after earlier plans to launch in December were called off.

Fintech / Regtech

Koscom to Open Robo-Advisory Testbed from 3 June

17/05/2019

Robo-advisory services will have to undergo testing and verification before they can be used to directly manage funds and entrusted assets under new enabling FSC regulations.

Market Infrastructure

Hong Kong, Netherlands Agree Mutual Recognition of Funds

16/05/2019

Hong Kong and Dutch regulators have set out a framework for the exchange of information and mutual recognition of funds registered in both jurisdictions.

Market Infrastructure

SGX to Introduce 10-Minute ‘Trade at Close’ Session in June

16/05/2019

SGX will introduce a 10-minute ‘trade at close’ session starting from 3 June. The session will allow participants to execute orders at the closing price of a security.

Fintech / Regtech

S. Korea Accepts Eight More Fintech Sandbox Participants

16/05/2019

The FSC has approved eight more fintech services for the regulatory sandbox, bringing the total number of approved companies to 26.

Enforcement

ASIC Raises Bar for Complaints Handling at Financial Firms

16/05/2019

The proposals raise internal dispute resolution standards at financial firms, and introduce mandatory data reporting to help make complaints handling performance more transparent.

Market Infrastructure

ESMA Recognises India ICC as Third Country CCP

15/05/2019

The recognition gives India ICC QCCP status across the European Union. QCCP members are subjected to lower capital requirements/charges under Basel III.

Market Infrastructure

SC Malaysia Issues Guidelines on Business Continuity

15/05/2019

The Securities Commission requires each capital market entity to have business continuity management arrangements as part of ensuring systemic resiliency of the capital market.

AML / KYC

Wolfsberg Group Publishes Guidance on Customer Tax Evasion

15/05/2019

Financial institutions should be able to leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, to address the risks of customer tax evasion.