Securities / Derivatives

SFC, HKMA Release Findings on Investment Product Sales

08/10/2021

Firms sold investment products with an aggregate transaction amount of HKD 5.7 trillion during 2020, with the participation of over 700,000 investors.

Mizuho Experiences Eight System Glitch for the Year

08/10/2021

The system failure affected 387 transactions for foreign exchange trades. Mizuho is required to submit a report on its IT systems to the FSA by 29 October.

Big Picture

Data Gaps Initiative to Extend Past 2021: FSB, IMF

08/10/2021

A new international cooperation initiative on data gaps will be needed after the DGI concludes. Some phase 2 recommendations may not yet be complete by year-end.

Market Infrastructure

CPMI Calls for Solutions to Expand PvP Settlement

08/10/2021

Banks and fintechs are invited to share their views on potential solutions to expand PvP settlement to further mitigate FX settlement risk in global markets.

AML / KYC

US DOJ Creates National Cryptocurrency Enforcement Team

07/10/2021

The NCET will cooperate with international law enforcement agencies as well as private sector actors to target the criminal misuse of cryptocurrency.

Securities / Derivatives

Bursa Allows Investors to Accept General Offers Electronically

07/10/2021

Previously, investors were required to physically submit a transfer form to their brokers and an offer document for acceptance to the share registrar.

AML / KYC

Germany’s BaFin Fines N26 Over Weak AML Controls

07/10/2021

The €4.25mn fine was paid in July but only made public by BaFin on 29 September. N26 says it already addressed the problems.

Australia Drafts Rules for Financial Advisor Discipinary Matters

07/10/2021

The regulations prescribe when ASIC must refer disciplinary matters to the single disciplinary body and which sanctions must be included on the Financial Advisers Register.

Fintech / Regtech

PFMI Applies to Global Stablecoins, CPMI & IOSCO Confirm

07/10/2021

The transfer function of a stablecoin arrangement is “comparable” to the transfer function performed by other types of financial market infrastructures.