Enforcement

CBA has Complied with 2014 Financial Advice Licence Conditions

12/04/2019

CBA has offered A$9.3mn to compensate customers whose advice was reviewed under the 2014 licence conditions imposed on its financial planning entities.

Enforcement

Australian Authorities Bust Vietnamese Money Transfer Cartel

12/04/2019

The ACCC and Australian police have brought charges against an alleged price-fixing cartel, which is said to have been directed by Vietnam’s Sacombank.

Market Infrastructure

SEBI Issues CCP Guidelines for Risk-Based Capital, Net Worth

12/04/2019

New norms have been issued by India’s regulator on computing risk-based capital and net worth requirements for clearing corporations.

Enforcement

ASIC Warns OTC Derivatives Platforms on Overseas Services

12/04/2019

OTC derivatives platforms offering services to foreign retail investors may be breaking overseas laws, which may be inconsistent with local obligations to provide services ‘efficiently, honestly and fairly’.

Market Infrastructure

US SEC Recognises NZX as Designated Offshore Market

11/04/2019

NZX participants will no longer be required to maintain a reasonable belief that clients are non-US domiciled persons in order to trade on their behalf.

Fintech / Regtech

HKMA Grants Fourth Virtual Bank Licence to WeLab Digital

11/04/2019

The HKMA has granted a fourth virtual bank licence to WeLab Digital, the first stand-alone company to receive the licence.

Enforcement

Taiwan Raises Max Penalty for Unauthorised Investments from China

11/04/2019

Taiwan has passed a legislative amendment raising the ceiling for fines against Chinese investment into local companies without authorisation.

Enforcement

MAS Bans Former HSBC, UOB Employees for ‘Egregious’ Misconduct

11/04/2019

Three individuals have received lengthy bans, in addition to jail terms, for “criminal conduct at the expense of their customers”.

Capital / Liquidity

Federal Reserve Consults on New Rules for Foreign Banks in the US

11/04/2019

The proposals could relax capital and stress testing requirements for US branches of foreign banks, but impose stricter liquidity rules on those that engage in riskier activities.