Supervision & Enforcement

APRA Uses New Directions Powers Against AMP Super

17/06/2019

AMP superannuation units have been ordered to make significant changes to their business practices, and to renew and strengthen their board.

Supervision & Enforcement

SFC, CSRC to Facilitate Cross-Border Investigations

17/06/2019

The SFC and CSRC have agreed on a new cooperative framework to facilitate and coordinate cross-border investigations in “high impact or urgent cases”.

Market Abuse

ICBC US Brokerage Unit Penalised for Unlawful ADR Practices

17/06/2019

ICBC Financial Services LLC will pay over $42m to the US SEC for improper handling of ‘pre-released’ ADRs, and $3m to the DOJ for conspiring to rig bids related to the release of ADRs.

KYC & CDD

HKMA Sets Out AML/CFT Best Practices for SME Onboarding

17/06/2019

A thematic review has concluded that authorised institutions have in general applied the risk-based approach to AML/CFT measures, but there is room for improvement.

Trading & Investment

Shanghai’s New Tech Board to Commence Trading Within 2 Months

15/06/2019

China has held a launch ceremony for Shanghai’s new board, termed the ‘SSE STAR Market’. Trading is expected to commence within 2 months with about 30 companies.

Cybersecurity

Singapore, UK to Enhance Cooperation on Cyber Security

14/06/2019

Authorities in Singapore and the UK have agreed to enhance cooperation in cyber security, data connectivity, talent development and green finance.

Payments & Settlements

RBA Proposes Financial Penalties for Slow NPP Adoption

14/06/2019

The RBA recommends the introduction of an enforceable sanctions regime and possible financial penalties for NPP participants that do not support core capabilities within a specific period of time.

Anti-Money Laundering

AUSTRAC Orders Audit of Afterpay’s AML Compliance

14/06/2019

AUSTRAC has ordered ‘buy-now, pay-later’ service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.

Trading & Investment

SFC Provides Additional Guidance on Sale of Complex Products

14/06/2019

Paragraph 5.5 of the Code of Conduct is only applicable for unsolicited purchases of complex products. Intermediaries can apply a risk-based approach to disclosures for repeat purchases.