Securities / Derivatives

Foreign Nationals in China Permitted to Directly Trade A-Shares

16/08/2018

Foreign individuals working in China will be allowed to open domestic brokerage accounts to trade A-shares; foreign employees living abroad will be entitled to participate in employers’ stock incentive programmes.

Crypto / Digital Assets

Cryptocurrency Framework Needs Update – Japan FSA

16/08/2018

On-site inspections revealed a lack of internal controls, inadequate governance and poor business models at exchanges.

Securities / Derivatives

Philippines Eases Bond Issuance Rules for Banks

15/08/2018

BSP circular says banks do not need prior approval of central bank to issue bonds and commercial papers and sets out eligibility criteria for issuers.

Enforcement

Royal Commission Hears Full Extent of NAB ‘Fees-for-no-service’ Failings

15/08/2018

NAB reportedly misled ASIC about expected compensation payments for customers it charged for services not rendered; the bank also charged advice fees to more than 4000 dead customers.

Market Infrastructure

FSB, BIS, IOSCO Study Highlights Central Clearing Interdependencies

15/08/2018

FSB, CPMI, IOSCO and BCBS find continued concentration of prefunded financial resources at small number of CCPs; exposures to CCPs also concentrated among small number of clearing members.

Fintech / Regtech

Data Challenges Continue as Top Regulatory Concern in APAC – AxiomSL

14/08/2018

Risk and regulatory executives surveyed have identified data challenges, regulatory change and compliance resources as top pain points in financial services sector.

Market Infrastructure

Taiwan FSC Orders Governance Fix at Fubon Financial Holdings

13/08/2018

The regulator is concerned the founding family holds undue influence at Fubon Financial Holdings and affiliates, compromising board of directors’ autonomy.

AML / KYC

Former Macquarie Consultant Jailed for Money Laundering, Tax Evasion

13/08/2018

Anthony Castagna and his accountant cousin Robert Agius conspired to have money paid by Macquarie for consulting funneled through offshore entities in Vanuatu to evade tax in Australia.

Crypto / Digital Assets

Thailand Allows Banks to Engage in Crypto Activities Through Subsidiaries

10/08/2018

Banks still prohibited from issuing, buying or selling digital tokens directly, but bank subsidiaries will be allowed to trade cryptocurrency and issue digital tokens with permission from supervisory body.