Big Picture

Asia Struggles to Meet 2020 EU Benchmarks Regulation Deadline

31/10/2018

A number of non-EU benchmark administrators may fail to obtain BMR registration by January 2020, according to a new report from ASIFMA and Herbert Smith Freehills.

Market Infrastructure

NZX Overhauls Listing Rules in Transition to Single Board

30/10/2018

New listing rules to take effect from January, in advance of migration to a single board where equity, debt and fund issuers will be covered in a single rule set.

Securities / Derivatives

China to Release Insurers from Equity Investment Restrictions

30/10/2018

CBIRC draft rules loosen restrictions on how much insurance companies can invest in the stock market and in which sectors they can participate.

Market Infrastructure

StanChart Becomes First Foreign Bank with Custody Licence in China

30/10/2018

The CSRC has granted Standard Chartered Bank a domestic fund custody licence, which until now has been reserved for local institutions.

Enforcement

Taipei Fubon Bank Fined as Two Officers Misappropriate Client Funds

29/10/2018

The FSC has fined the bank $129,000 for internal control failures that allowed two of its officers to misappropriate client funds, and ordered it to dismiss the officers responsible.

Market Infrastructure

China Publishes Draft Rules Easing Market Access for Foreign Banks

29/10/2018

Foreign banks will be allowed to set up wholly-owned branches and subsidiaries in China provided they maintain at least 8% of yuan-denominated risk assets as reserves.

Securities / Derivatives

S. Korea Industry Body KOFIA to Inspect Securities Firms

29/10/2018

The Korea Financial Investment Association will examine internal operations at securities firms in a bid to prevent order-handling accidents and restore market confidence.

Market Infrastructure

HKMA Refines Bank-to-SVF Direct Debit Process to Prevent Fraud

29/10/2018

Banks and stored value facility operators are asked to adopt a ‘refined process’ in setting up direct debit authorisations to top-up e-wallets following last week’s fraud reports.

Enforcement

CBIRC Fines 13 Lenders for Failing to Monitor Consumer Loan Borrowers

26/10/2018

The regulator is trying to prevent the use of consumer credit in speculative investments as part of its efforts to curb risks to the financial system.