Market Infrastructure

Fund Managers Negative on MiFID II Research Unbundling – Report

20/06/2018

New RSRCHXchange survey reveals non-European fund managers negative about unbundling requirements, while recognising positive impact for investors; impact expected to be felt Asia within 2-4 years.

Enforcement

Goldman Faces Naked Short Selling Fine in S. Korea

19/06/2018

South Korean branch of Goldman Sachs International said its naked shorts were the result of an institutional investor reversing a decision to lend it shares; the firm faces a fine up to $896,000.

Enforcement

China’s Former CIRC Chief Pleads Guilty on Bribery Charges

18/06/2018

Xiang Junbo pleaded guilty to taking $3mn in bribes during his six years as head of former insurance watchdog as well as earlier in his career at PBOC  and AgBank.

Enforcement

S. Korea Indicts 38 Bankers in Recruitment Probe

18/06/2018

Charges against current and former bank officials involve hiring misconduct, special favours; 87% of hiring irregularities occurred at either KB Kookmin Bank or KEB Hana Bank.

Securities / Derivatives

UPDATED – SGX Granted Extension for Continued India Derivatives Trading

18/06/2018

SGX, NSE ordered to facilitate continued listing of SGX Nifty products for at least two successive contract months beyond arbitration; injunction preventing SGX from launching new successor products to remain in effect pending final outcome.

Fintech / Regtech

MAS 610 a Top Concern for Singapore Banks in 2019 – Report

15/06/2018

High granularity data for new reporting regime requires reporting of approx. 300,000 data elements, the top concern for Singapore banks next year, according to Wolters Kluwer survey.

Fintech / Regtech

S. Korean Banks to Introduce Blockchain-based User Verification

15/06/2018

Korea Federation of Banks to introduce BankSign system next month; will significantly enhance and simplify user verification process for online and mobile banking through blockchain technology.

Capital / Liquidity

RBI Drafts Rules to Restrict Short Term Borrowings

15/06/2018

New rules will require a minimum 40% fixed term loan component of working capital financing facilities by 1 October and 60% by 1 April 2019, to reduce cash credit borrowings which often entail loose repayment schedules, perpetual roll-overs.

Capital / Liquidity

China Cracks Down on ‘False Inflation’ of Bank Deposit Levels

15/06/2018

China’s top financial regulators have issued a new circular that prohibits banks from falsely inflating their deposits, a common practice to improve quarterly and mid-year performance assessments.