Structural Regulation

Morgan Stanley, JP Morgan Take Control of China JVs

06/08/2019

Morgan Stanley has become the latest foreign firm to control a securities JV in China, while JP Morgan becomes the first foreign firm to own a majority stake in an asset management JV.

Market Abuse

MAS Targets Market Abuse with Proposed New Requirements

06/08/2019

Capital market licensees will have to record all client communications and capture their mobile device IDs. Foreign intermediaries will have to provide UBO information on request.

Cybersecurity

Japan: Security Failures Force New Payments Service to Shut

06/08/2019

The security breach saw more than 38mn yen stolen from more than 800 accounts in the days after the July launch of a new mobile payment service for convenience stores.

Anti-Bribery & Corruption

SFC Imposes Lifetime Ban on Former UBS Adviser

06/08/2019

More than 10 years ago, the adviser accepted HK$1.4m in bribes from a client, paid at a rate of 20% of portfolio gains.

Anti-Money Laundering

Malaysian Authorities Bust Illegal Money Services Network

05/08/2019

In raids were jointly conducted by central bank, police and immigration officers, authorities seized almost $1mn, along with documents, computers and mobile phones.

Conduct, Culture & Accountability

RBI Tightens Criteria for Board Appointments at State Banks

05/08/2019

The revised criteria for determining the ‘fit and proper’ status of proposed candidates include age, education, experience, and track record, among other criteria.

Trading & Investment

SSE, SZSE Set to Allow Trading in HK-Listed Dual Class Shares

05/08/2019

The Shanghai and Shenzhen stock exchanges are consulting on rule changes that will allow Chinese investors to trade Hong Kong-listed dual-class shares via Stock Connect.

Conduct, Culture & Accountability

Australia: NAB, EY Under Fire Following Whistleblower Leak

05/08/2019

A whistleblower has leaked internal NAB documents to highlight the bank’s lax approach to risk management, customer remediation, and conflicts of interest with its auditor.

Trading & Investment

SEBI Seeks Uniform Penalties Framework for Margin Reporting Failures

03/08/2019

Fines charged to members for misreporting or non-reporting of margins collected from clients may extend to 100% of the incorrectly or nonreported amount.