Enforcement

CSRC Fines Fund Manager ¥1.1m for Fraud, Embezzlement

16/03/2021

Cornerstone Capital’s controlling shareholder was also fined for fabricating the financials of funds managed by the firm.

Securities / Derivatives

ASEAN Capital Markets Forum Endorses Action Plan for 2021-2025

16/03/2021

The action plan focuses on the objectives of fostering growth with sustainability; promoting inclusiveness; and strengthening orderliness and resilience.

New Zealand Launches New Financial Advice Regime

15/03/2021

Anyone who gives regulated financial advice to retail clients must either hold or operate under a Financial Advice Provider licence granted by the FMA.

AML / KYC

HK, China Working to Simplify Cross-border Account Opening

15/03/2021

Regulators are reportedly working to simplify cross-border bank account opening processes to facilitate the launch of Wealth Management Connect.

JBA Issues Guidance in Response to Mizuho Glitches

15/03/2021

Banks are asked to carefully prepare for any major system upgrades involving extensive data processing, and to ensure appropriate lines of communication are established.

Enforcement

Woori Accepts FSS Compensation Guideline for Lime Losses

15/03/2021

Woori will compensate investors who lost money from funds managed by Lime Asset Management in line with FSS recommendations.

Market Infrastructure

MAS Proposes Exemption Framework for Foreign Offices of FIs

15/03/2021

MAS is proposing to introduce an exemption framework for foreign head offices or branches that is similar to the proposed notified FRC framework issued in June 2020.

AML / KYC

SFC Fines Sino-Rich Securities & Futures for AML Breaches 

15/03/2021

Sino-Rich Securities & Futures routinely processed 238 cash deposits and 269 third party transfers without adequate AML/CTF controls in place.

Securities / Derivatives

Eurex to List KOSPI 200 Futures Product from 22 March

15/03/2021

Eurex already lists KOSPI 200 Options and Mini-KOSPI 200 Futures. The addition of KOSPI 200 Futures will offer trading, hedging and margin efficiencies.