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AML / KYC
SFC Directs Senior Managers to Correct AML/CFT Deficiencies
By Editors | 02/12/2020
The SFC found deficiencies in areas including oversight, internal controls, risk assessments, third party deposits, SoW/SoF checks, and sanctions screening, among others.
Enforcement
Former Convoy Executives Found Not Guilty in ‘Enigma Network’ Case
By Editors | 02/12/2020
The judge ruled that the evidence provided by prosecutors was not sufficient to prove there was any attempt to deceive the stock exchange or Convoy directors or investors.
Securities / Derivatives
China to Grant Domestic Investors Greater Access to Foreign Markets
By Editors | 30/11/2020
The QDLP and QDIE programmes – piloted in Shanghai, Beijing and Shenzhen – will be expanded “in the near future”, according to China’s foreign exchange regulator
Securities / Derivatives
China: Banks Suspend Opening of Precious Metals Trading Accounts
By Editors | 30/11/2020
Seven banks have temporarily stopped opening new accounts for precious metals trading amid concerns that heightened volatility could lead to losses and complaints.
Fintech / Regtech
Lack of Electronic Solutions Hindering Capital Market Access: ASIFMA
By Editors | 30/11/2020
The report calls on government and regulators to facilitate greater use of e-signatures, virtual meetings, and other electronic solutions in Hong Kong and Singapore capital markets.
Securities / Derivatives
IASB Consults on Accounting Standard for Intra-group M&A
By Editors | 30/11/2020
IFRS 3 Business Combinations does not specify how to report transactions involving transfers of businesses between companies within the same group, leading to diversity in practice.
Securities / Derivatives
Japan FSA Orders JPX, TSE to Improve Following Market Outage
By Editors | 30/11/2020
TSE President and CEO Koichiro Miyahara has resigned to take responsibility for a system failure that caused a full-day market closure in October.
Fintech / Regtech
NZX to Create Industry Working Group on Capital Markets Technology
By Editors | 30/11/2020
The working group will develop a roadmap to solve for New Zealand’s lack of scale and geographic isolation through the use of technology.
Securities / Derivatives
HKEX Proposes to Raise Profit Requirement for New IPOs
By Manesh Samtani | 30/11/2020
One option HKEX proposes is to raise the profit requirement for companies seeking to list in Hong Kong threefold, reflecting the growth of the Hang Seng Index since 1994.
Securities / Derivatives
SFC Finalises Changes to Grant Greater Flexibility to REIT Managers
By Editors | 29/11/2020
REITs will be allowed to invest in minority-owned properties and property development projects, and borrowing limits will be increased.
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