Market Infrastructure

Hong Kong, Japan to Cooperate on Commodity Market Development

12/06/2018

HKEX and Tokyo Commodity Exchange MoU to promote cooperation through information exchanges, staff exchanges, product development and joint promotion.

Market Infrastructure

Data Driven Regulatory Regimes Challenge Bank Workflows – Report

12/06/2018

Wolters Kluwer research says legacy systems no longer fit for purpose; most firms plan to integrate data in regulatory workflows despite low confidence in data quality.

Capital / Liquidity

China Requires Corporate Credit Data to be Shared Among Banks

11/06/2018

New rules establish information sharing mechanism among lenders for collective gathering and cross-validating business and financial information of borrowers.

AML / KYC

Foreign Tax Status Disclosures Required by New Zealand Banks

07/06/2018

Banks required to report customers’ foreign tax status by 30 June; customers that do not respond may have their accounts frozen or closed.

Enforcement

Malaysia Central Bank Chief Resigns Amid 1MDB Controversy

07/06/2018

Controversy relates to a land purchase by BNM; proceeds used by government to partly settle debt owed by troubled state fund 1MDB.

Securities / Derivatives

Taiwan to Launch Crude Oil Futures in July

05/06/2018

Taiwan Futures Exchange chairman says crude oil futures will allow domestic investors to trade without adverse currency fluctuations; also exploring the application of fintech and other technologies for clearing services.

Market Infrastructure

ASIC Consults on ‘Foreign’ AFS Licence Proposal

05/06/2018

New approach would replace current mechanism of granting relief to foreign financial service providers from AFS licensing, and provide ASIC with broader range of tools to regulate the activities of foreign providers.

Capital / Liquidity

Sri Lanka State Banks Undercapitalised for Basel – Fitch

05/06/2018

Large state banks short an estimated $120mn in capital, of which state banks account for 72%; government infusion may be needed to meet Basel III 2019 requirements.

AML / KYC

Commonwealth Bank Agrees to A$700m Penalty for AML Breaches

04/06/2018

AUSTRAC investigations revealed inadequate AML/CTF risk assessment and controls, leading to failures in monitoring transactions, submitting transaction reports, detecting money laundering.