Enforcement

HSBC Private Bank Fined $50mn for Crisis-era Product Mis-selling

23/11/2017

Securities and Futures Appeals Tribunal says future fines will be similarly large and exceed ‘mere cost of doing business’.

AML / KYC

Southeast Asia CTF Group Established

23/11/2017

Group led initially by AUSTRAC and Philippines Anti-Money Laundering Council aims to disrupt sources of funding, movement and use of funds.

AML / KYC

Hong Kong to Continue to Allow Mutual Fund Sales Commissions

20/11/2017

Securities and Futures Commission says Hong Kong is not ready to ban commissions and introduce a pay for advice model.

Market Infrastructure

Korea to Launch New OTC Market for Professional Investors

20/11/2017

Existing OTC platform has not been successful due to institutional investors’ concerns about having to give details of their trading strategies.

Securities / Derivatives

Japanese Banks Call for Simplified UPI Rules

20/11/2017

Bankers Association says its members already provide legal identifiers under local regulation and the rules of countries in which they operate.

Capital / Liquidity

Europe Tightens Rules on Overseas Credit Rating Endorsements

20/11/2017

Regulator says about two thirds of credit ratings used for regulatory purposes in the EU cover non-EU issuers of financial instruments.

Enforcement

Ex CITIC Securities President Jailed 3.5 Years for Corruption

16/11/2017

Caixin reports that Cheng Boming was among 11 CITIC executives detained for alleged insider trading and leaking information during 2015 market meltdown.

AML / KYC

Australia, Indonesia, Malaysia to Hold CTF Summit

16/11/2017

Summit to include ‘codeathon’, with 80 participants demonstrating new digital tools and ideas to address the challenge of terrorist financing.

AML / KYC

MAS MD Sets out Fintech Regulation Agenda

16/11/2017

Ravi Menon sets out raft of initiatives including new Payment Services Bill, technology risk management guidelines, machine readable forms.