Market Risk

S. Korea Announces Adjusted Schedule for Initial Margin Rules

09/08/2019

Korea has adjusted its domestic implementation schedule for the incoming requirements, taking into account the one-year phased extension announced by BCBS and IOSCO in July.

Operational Risk

APRA Fines Westpac A$1.5mn for Late EFS Reporting

09/08/2019

Westpac and two of its subsidiaries were late in filing monthly and quarterly reports for APRA’s Economic and Financial Statistics programme.

Fraud, Scams & Cybercrime

UN Report: North Korea Still Accessing International Financial System

09/08/2019

The report says North Korea has amassed $2bn from cyberattacks on banks and crypto exchanges, and that it has about 30 overseas representatives helping it evade sanctions.

Anti-Money Laundering

Korea’s FIU Seeks Direct Supervision Over Crypto Exchanges

08/08/2019

Currently, the Financial Intelligence Unit only indirectly regulates cryptocurrency exchanges in Korea through the administrative guidance it issues for banks.

Clearing & Post-Trade

SHCH Issues Draft Guidance on Clearing Member Default Management

08/08/2019

In the event of a default, Shanghai Clearing House can initiate rapid disposal of non-cash collateral, demand the disposal of a clearing member’s other assets, or perform a forced liquidation, among other measures.

KYC & CDD

Philippine SEC Proposes New Requirements for Online Lending Platforms

08/08/2019

The SEC proposes new disclosure and reporting requirements for operators of online lending platforms, in response to inquiries from the public about their registration and legitimacy.

Trading & Investment

China Allows Banks to Trade Bonds Via Stock Exchanges

08/08/2019

Currently, Chinese banks mostly trade bonds only in the interbank market. The move will increase their allowed scope for bond investments and improve the real economy’s access to financing.

Market Abuse

CSRC Imposes $56mn Penalty on Individual for Insider Trading

08/08/2019

The individual learned of a gaming company’s acquisition plans months in advance and used 14 stock accounts set up by acquaintances to profit from the information.

Conduct, Culture & Accountability

ASIC Proposes Regulatory Guide on Whistleblower Policies

08/08/2019

Companies have to implement a whistleblower policy by January 2020. ASIC’s guidance explains how they should be established, implemented and maintained.