Securities / Derivatives

ABS Releases Enhanced Listings Due Diligence Guidelines

13/11/2020

The new guidelines emphasise the need for issue managers and full sponsors to “exhibit a healthy dose of professional scepticism” when conducting listings due diligence.

Enforcement

Korea FSS Seeks to Suspend Former Brokerage CEOs Over Lime Mis-selling

13/11/2020

The FSS has decided to order the suspension of the former CEOs of Shinhan Investment, Daishin Securities and KB Securities over the mis-selling of Lime Asset Management funds.

Big Picture

DTCC Paper Offers Guidance on Cloud Adoption in Financial Services

13/11/2020

The paper suggests the establishment of a principles-based, harmonised regulatory framework to better support adoption of cloud services by financial institutions.

Securities / Derivatives

FSC Korea Confirms Plan to Lift Short Selling Ban in March

12/11/2020

The lifting of the ban will apply to all stocks regardless of the market cap, despite an earlier proposal to keep it in place for small-cap stocks.

ASIC Amends Proposed Intervention Order for Continuing Credit Contracts

12/11/2020

The changes to the product intervention order proposed in July are to address unintended consequences identified in an earlier consultation.

Market Infrastructure

APRA Updates Draft Prudential Standard on Remuneration

12/11/2020

The prudential standard is expected to come into effect for significant banks in January 2023 and for significant insurers and superannuation entities in July 2023.

Enforcement

Korea FSS Estimates Optimus Fund Losses Could Reach $300m

11/11/2020

The FSS has estimated that 160bn won of investor funds has vanished and only up to 15% of the remaining 350bn won could be recoverable.

Market Infrastructure

NZX Confirms 10 December Go-Live Date for NZ RegCo Model

11/11/2020

The model will structurally separate NZX’s commercial and regulatory interests, similar to the approach adopted in Singapore, Japan and Brazil.

Fintech / Regtech

China Consults on Anti Monopoly Rules for E-commerce, Payments

11/11/2020

The new rules issued by China’s SAMR prohibit a range of monopolistic practices and are expected to impact internet giants Alibaba, JD.com, Tencent, and Meituan, among others.