Enforcement

MAS Reprimands Asset Manager for Late Regulatory Submissions

08/07/2018

Annual declarations, auditor reports and director change notifications were submitted up to three years late by Taiyo Asset Management; director found guilty of misconduct for failure to implement compliance controls.

Capital / Liquidity

ASIC Proposes New Capital Regime for Market Participants

08/07/2018

New minimum capital for futures and securities participants proposed at A$1m and A$0.5m, respectively; futures and securities capital rulebooks to be consolidated.

Enforcement

New Zealand Court Jails Ponzi Scheme Operator for 7.5 Years

05/07/2018

Over 900 investors were persuaded to invest over NZ$8mn with registered foreign exchange provider BlackfortFX, though the firm did not conduct any investment activity.

Securities / Derivatives

SFC Imposes Enhanced Reporting Obligations on Authorised Funds

04/07/2018

Enhanced reporting obligations to include data on liquidity profiles, subscription and redemption amounts, asset allocation, and securities financing/borrowing transactions.

Securities / Derivatives

Mainland Investors Gain Access to HK Stock Research

04/07/2018

New rules enable better access to research reports and advice on HK-listed stocks, and opportunities for HK securities firms to distribute their research through mainland firms.

AML / KYC

Tax Law Forces New Zealand Banks to Freeze Accounts

04/07/2018

Banks required to find out whether customers are foreign tax residents and report to Inland Revenue; unresponsive customers are having their accounts put on hold.

Securities / Derivatives

HK Exchange Tightens Rules on Backdoor Listings, Shell Activities

04/07/2018

Hong Kong stock exchange proposes tightening reverse takeover rules and continuing listing criteria to address concerns about backdoor listings through shell companies by firms that may not otherwise qualify.

Securities / Derivatives

India to Accept AAA-rated Sovereign Securities as Collateral

03/07/2018

Clearing arm of BSE’s India INX at GIFT City will accept AAA-rated international sovereign securities with maturities over 5 years as collateral from clearing members and custodians, starting with US treasuries.

Market Infrastructure

NZX Lacking in Market Surveillance Obligations – FMA

02/07/2018

New Zealand FMA says information provided by NZX surveillance team was below its expectations and questions the market operator’s ability to detect misconduct; NZX to recruit additional resources to resolve the issue.