AI Risk & Governance

Banks Not Using Latest RegTech Solutions Must Explain Why – ASIC

29/03/2019

ASIC reportedly plans to force banks to explain why they aren’t using the latest technology to improve regulatory compliance, including systems offered by regtech startups.

Market Abuse

Singapore Charges Three for Spoofing Index Futures

28/03/2019

In a MAS-CAD joint investigation, three individuals are being charged for allegedly spoofing SGX-MSCI index futures and giving false statements to SGX.

Conduct, Culture & Accountability

APRA May Intervene to Shift Bank Remuneration Practices

28/03/2019

APRA chairman Wayne Byres says banks could lose their power to set executive pay if they are not more proactive about changing remuneration practices.

Trading & Investment

SGX Bolsters Forex Business with BidFX Acquisition

28/03/2019

The acquisition is part of SGX’s strategy to build core pillars of growth across multiple asset classes, with FX being one of its key growth pillars.

Credit Risk

CFTC Approves Margin Comparability Determination for Australia

28/03/2019

Despite some differences between its own rules and Australia’s regime for uncleared swaps margining, the CFTC has determined that the end result is the same.

Structural Regulation

HKMA Approves Three Virtual Banks, Five More Being Considered

27/03/2019

The three newly licenced virtual banks are joint ventures involving BOCHK, JD Digits, Jardines, Standard Chartered, HKT, PCCW, Ctrip, ZhongAn Online and Sinolink.

Fraud, Scams & Cybercrime

India’s PNB Fined for Non-Compliance with SWIFT Norms

27/03/2019

The fine is significant because it was at Punjab National Bank where the $1.8b fraud occurred that prompted the RBI’s order for banks to link their core systems with SWIFT.

Trading & Investment

SEBI Amends Norms on Mutual Fund Commissions, Disclosures

27/03/2019

SEBI has set a cap on up-fronting of trail commissions and amended disclosure rules to “protect the interests of investors.”

Market Abuse

Citigroup Faces $1.2m Fine in Japan over Alleged JGB Manipulation

27/03/2019

Citigroup’s London office allegedly placed large orders in the 10-year JGB futures market outside of Japanese trading hours that were not executed, but may have mislead investors.