Manesh Samtani
Manesh manages the news desk and serves as an editor at Regulation Asia. He covers regulatory changes across Asia Pacific that impact banking, capital markets, asset management, and financial services more generally. Manesh is a former trader and investment consultant with a degree in Finance and Banking. manesh@regulationasia.com
Articles by Manesh Samtani
Enforcement
Australia Toughens Criminal, Civil Penalties for Misconduct
22/04/2018
Criminal offences can result in 10 years imprisonment or $725,000 for individuals; or the larger of $7.25 million, 3 times the benefits, or 10% of annual turnover for companies.
Big Picture
APAC Firms Failing at Cyber Breach Detection – Report
22/04/2018
Asia Pacific firms take over 16 months to detect breaches, compared to over three months globally; over 35 months if breaches detected by external parties.
Market Infrastructure
‘Significant’ Governance Progress from Australian Banks – McPhee Report
20/04/2018
Key initiatives introduced at banks include customer advocacy programmes, whistleblower protection policies and conduct background checks to stamp out staff with poor behaviour records.
Enforcement
ASIC Seeks Powers to Hasten Bank Remediation
20/04/2018
Australian banks take on average over 4 years to identify misconduct, over 4 months to report it, over 7 months post-investigation to compensate customers.
Fintech / Regtech
Hong Kong Work Plan Includes Incentives for Fund Industry
20/04/2018
Government reviewing and enhancing existing tax concession arrangements for fund industry; HKMA to launch real-time payments, issue virtual bank licences this year.
Enforcement
Australia Royal Commission Finds AMP Repeatedly Deceived Regulator
19/04/2018
Wealth manager AMP covered up for years a policy of charging customers fees for advice they never received; sought to influence “independent” review into the practice to protect executives.
Capital / Liquidity
Japan, China Urge EU Regulators to Relax Foreign D-SIB Rules
16/04/2018
Joint letter from Japan, China banking associations say €30bn IPU threshold will make provision of financial services in the EU unsustainable for member banks.
Enforcement
S.Korea Launches Bribery Probe into New FSS Chief
15/04/2018
Prosecutors on Friday raided KRX and Woori Bank, two of the institutions that allegedly paid for Kim Ki-sik’s 2014 an 2015 overseas trips.
Enforcement
Samsung Securities Dividend Error Prompts Industry Wide Probe
12/04/2018
The firm mistakenly paid out dividends worth 33 times its market cap; FSS will inspect how unauthorised ‘ghost stocks’ were sold by employees.
Market Infrastructure
CPMI-IOSCO Issues Technical Guidance on OTC Derivatives Data
12/04/2018
Guidance excludes UTI and UPI standards, includes parameters for how data should be reported rather than specific regulatory requirements.
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