Enforcement

UPDATED – CSRC Hits Celebrity Trader with $260mn Market Manipulation Penalty

13/08/2018

Celebrity trader Gao Yong used his control over 16 securities accounts to manipulate stock prices, profiting by almost CNY 900 million in just six months.

Securities / Derivatives

Stock Connect ID System for Northbound Trades Slated for September Launch

13/08/2018

Northbound investor ID system is scheduled to be implemented on 10 September, pending market readiness and regulatory approval, and will not affect the business of existing market participants.

Capital / Liquidity

Indian Government Urges RBI to Ease Bank Capital Rules

10/08/2018

Under Basel III rules, banks would need to hold CET1 capital of 4.5% of RWAs, compared to the 4.5% now required of Indian banks.

Market Infrastructure

CFTC to Simplify Registration Exemption Process for non-US Clearing Firms

10/08/2018

CFTC proposal seeks to make it easier for non-US firms to navigate the process for obtaining exemptions from registration as derivatives clearing organisations.

Securities / Derivatives

China Approves Asset Managers to Offer Target Pension Products

09/08/2018

Fourteen asset managers have received approval to launch pension target funds, which will improve A-share liquidity and offer consumers more pension management alternatives.

Enforcement

PBOC Imposes More Fines on Payments Firms

09/08/2018

Alipay, Union Mobile Financial Technology, and Gopay.com were fined more than a combined $11 million for various breaches in payment services regulation.

Market Infrastructure

Standard-setting Bodies Consult on Incentives to Centrally Clear OTC Derivatives

09/08/2018

FSB, BCBS, CPMI and IOSCO consultative document suggests some aspects of regulatory reform may not incentivise provision of client clearing services.

Fintech / Regtech

Philippines Proposes Regulatory Framework for ICOs

09/08/2018

Draft rules propose issuers undergo initial assessment to determine if ICO tokens are securities; security tokens must be registered with the SEC and proceeds must be maintained in escrow.

Securities / Derivatives

SFC Warns Against Disguised Margin Financing

06/08/2018

Suspected margin financing arrangements involve unlicensed affiliates of licensed corporations or third parties who appear to be engaging in securities margin financing without an SFC licence in order to circumvent regulatory requirements.