Fintech / Regtech

Philippines SEC Extends Consultation on ICO Rules

31/12/2018

The second round of public consultation is open until 15 January, after stakeholders asked for more time to study the draft rules.

Fintech / Regtech

BNM Issues Policy Document Targeting Outsourcing Risk at FIs

31/12/2018

Malaysia’s central bank has raised expectations on the board and senior management to ensure effective oversight and governance of outsourcing arrangements.

Capital / Liquidity

RBI ‘Expert Committee’ to Determine Best Use of Central Bank Reserves

30/12/2018

The committee is tasked with suggesting an adequate level of reserves for the central bank and proposing a policy for distributing dividends to the government.

AML / KYC

JPMorgan Hong Kong Fined for Inadequate AML/CTF Controls

30/12/2018

An HKMA investigation found that JPMorgan Hong Kong failed to establish and maintain effective controls for handling wire transfers, conducting CDD and monitoring business relationships.

Enforcement

Hong Kong Asset Manager Fined for Wash Trading

28/12/2018

The asset management firm was both the buyer and seller in a transaction between two of its brokers, which the SFC deemed was a wash trade.

Enforcement

S. Korea’s Largest Crypto Exchange Accused of Inflating Volumes, Prices

27/12/2018

South Korea’s Upbit is alleged to have used bots to manipulate trading volumes and prices to attract investors to the exchange. Two officers and an employee have been indicted.

Crypto / Digital Assets

India Eyes Introduction of Sandbox Policy to Boost Capital Markets Innovation

24/12/2018

SEBI is examining whether legislative changes are required for the sandbox, as it seeks to enable the use of machine learning, artificial intelligence and blockchain in capital markets.

Capital / Liquidity

PBOC to Penalise Delayed Reserve Requirement Deposits

24/12/2018

The PBOC will boost oversight mechanisms, improve checks and impose penalties to prevent financial institutions’ reserves at the central bank from falling below statutory requirements.

Market Infrastructure

ISDA Releases Final Report on Benchmark Fallbacks Consultation

24/12/2018

ISDA will proceed to develop fallbacks based on the ‘compounded setting in arrears rate’ and the ‘historical mean/median approach to the spread adjustment’.