Philippines to Grant BSP Authority Over Insurance Commission

23/04/2021

Under a proposed bill, the supervision of the Insurance Commission will move from the Department of Finance to the BSP.

AML / KYC

SFC Imposes Lifetime Ban on Co-CEOs of IDS Forex Ltd

23/04/2021

The co-CEOs knew of their chairman’s arrest and conviction in Korea for fraud but did not report the events to the SFC.

Market Infrastructure

DTCC Study Highlights Need to Enhance Post-trade Processes

22/04/2021

The sell-side is seeking enhancements to reconciliations and confirmations capabilities. The buy-side is focusing on fails and collateral management.

Enforcement

Australian Court Imposes 20-Year Ban on Mayfair 101 Director

22/04/2021

James Mawhinney is prohibited from promoting and raising funds from the public through financial products for 20 years.

AML / KYC

Philippines: PhilSys National ID System Draws 28m Registrations

22/04/2021

The issuance of PhilSys ID cards is expected to start within 2021, eventually replacing most other forms of government-issued ID.

Market Infrastructure

ARRC Outlines Principles for Forward-Looking SOFR Term Rate

22/04/2021

The ARRC said it is seeking to provide greater clarity on the likelihood and potential timing of a recommended SOFR term rate for certain uses.

Securities / Derivatives

SGX Launches New FFA, Futures For Managing Freight Risk

21/04/2021

The new contracts offer participants more precise hedging tools as a recovery drives demand for iron ore and minor bulks, SGX said.

RBI to Review Efficacy of Regulatory Framework for ARCs

21/04/2021

The RBI has set up an expert panel that will review the role of asset reconstruction companies in the resolution of stressed assets.

Sanctions

Australia Issues Draft Bill on Financial Advice Reforms

21/04/2021

The bill will expand the role of ASIC’s Financial Services and Credit Panel so that it operates as the single disciplinary body for financial advisers.