Securities / Derivatives

China Tightens Rules on Money Market Funds

04/06/2018

New rules cap individual redemptions from money market funds at ¥10,000; payment companies banned from advancing cash to realise same-day redemptions.

Crypto / Digital Assets

HKMA Finalises Virtual Bank Rules, Applications Now Open

01/06/2018

Regulator publishes final guidelines but no change in capital requirements; companies seeking inclusion in first batch of virtual bank applications can apply by 31 August.

Enforcement

SFC Fines Hang Seng Asset Management Arm

01/06/2018

Hang Seng Investment Management fined HK$3mn for cash management failures involving SFC-authorised funds it manages from 2010 to 2016.

Enforcement

SFC Fines Wealth Manager Noah Holdings for Internal Control Failures

30/05/2018

The firm was fined HK$5mn for failures in client risk profiling and product due diligence, resulting in potentially unsuitable investment products being sold to clients.

Market Infrastructure

PBOC Launches Financial Statistics Inspections at Banks, NBFIs

30/05/2018

Six-month central bank inspections to focus on quality of financial information as part of plan to unify statistical management operational mechanisms.

Enforcement

Malaysia Adopts FSPB Professional Code for Finance Industry

28/05/2018

The code aims to instil core minimum standards of conduct, enhance confidence, promote sustainability across financial sector by promoting strong culture of professionalism.

Capital / Liquidity

Philippines Further Reduces Reserve Requirements

28/05/2018

The 100 basis point RRR reduction is expected to help facilitate healthy price discovery on the cost of funds in the financial system.

Crypto / Digital Assets

MAS Warns Eight Crypto Exchanges, Halts ICO Issuer

28/05/2018

Exchanges warned against facilitating trading in digital tokens which constitute securities or futures contracts without MAS authorisation; ICO representing equity ownership halted.

Securities / Derivatives

SFC Introduces New Disclosure Rules for Discretionary Account Trading

23/05/2018

SFC requires intermediaries to disclose incentives, trading profits arising from third party products; amendments to come into effect on 25 November 2018.