Enforcement

HK Regulators Warn on Conflicts of Interest in Product Sales

27/11/2017

HKMA, SFC say some intermediaries aren’t revealing related counterparties, not executing at best price, hide cheaper products.

AML / KYC

Singapore, Abu Dhabi to Cooperate on Banking Supervision, Markets, Fintech

27/11/2017

Middle Eastern regulator has already approved one Singapore firm to provide credit services; Singapore firm won Fintech challenge.

Capital / Liquidity

Indonesia Regulator to Set-up Regtech Surveillance System

27/11/2017

New technology to include integrated surveillance including early-warning system, data analysis and online regulatory reporting for financial institutions.

Capital / Liquidity

Vietnam to Allow Banks to Go Bankrupt

27/11/2017

Bankruptcy will be a last resort; Vietnamese banking sector has bad debts of 8.6% of total credit, 17.2% NPL ratio; Moody’s outlook ‘positive’

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.