Securities / Derivatives

IASB Consults on Accounting Standard for Intra-group M&A

30/11/2020

IFRS 3 Business Combinations does not specify how to report transactions involving transfers of businesses between companies within the same group, leading to diversity in practice.

Market Infrastructure

ASIC Issues Guidance on Managing LIBOR-related Conduct Risk

30/11/2020

The new guidance is aimed at assisting entities in establishing necessary arrangements to mitigate conduct risk associated with the discontinuation of LIBOR.

AML / KYC

North Korea Executes Currency Trader in FX Crackdown: Report

30/11/2020

North Korea is tightening controls over its economy and the use of foreign currency, amid a near 20% appreciation of the won over the US dollar in recent months.

Securities / Derivatives

Japan FSA Orders JPX, TSE to Improve Following Market Outage

30/11/2020

TSE President and CEO Koichiro Miyahara has resigned to take responsibility for a system failure that caused a full-day market closure in October.

Fintech / Regtech

NZX to Create Industry Working Group on Capital Markets Technology

30/11/2020

The working group will develop a roadmap to solve for New Zealand’s lack of scale and geographic isolation through the use of technology.

Securities / Derivatives

SFC Finalises Changes to Grant Greater Flexibility to REIT Managers

29/11/2020

REITs will be allowed to invest in minority-owned properties and property development projects, and borrowing limits will be increased.

AML / KYC

UK Crime Agency Reveals Progress of SARs Reform Programme

29/11/2020

Law enforcement will get a new single interface providing access to search, analysis and visualisation tools. SARs reporters will see the SAR Online portal upgraded.

AML / KYC

EU Set to Formalise Magnitsky-style Sanctions Regime

29/11/2020

New legislation provisionally agreed by member states will allow the EU to target individuals who commit gross human rights violations irrespective of nationality.

Enforcement

US OCC Fines JPMorgan for Weak Controls Over Fiduciary Activities

29/11/2020

The deficiencies identified by the OCC constituted unsafe or unsound practices that were part of “a pattern of misconduct”, says the consent order.