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Cryptocurrency
Philippine SEC Consults on Draft Rules for Digital Asset Exchanges
By Manesh Samtani | 19/07/2019
The rules specify capital requirements of PHP 100mn, plus 12 months of operating expenses, and allow digital asset exchanges in the Philippines to be set up by foreign-registered entities.
Anti-Money Laundering
Thailand to Mandate Extra Reporting Rule for Digital Asset Trades
By Editors | 19/07/2019
Digital asset exchanges will have to report all trades exceeding 5 million baht to commercial banks, which will then report the transactions to the Thailand’s Anti-Money Laundering Office.
Market Abuse
S. Korea Forms Special Unit to Investigate Unfair Trading
By Editors | 18/07/2019
The squad comprises 16 special judicial police officers, one FSC public official and 15 FSS employees, tasked with handling unfair trading cases under the command of Seoul prosecutors.
Conduct, Culture & Accountability
Hong Kong, China Framework Comparison – Conduct and Culture
By Prasanna Venkatesan | 18/07/2019
Synpulse’s Prasanna Venkatesan, Gregory Achache and Marina Mai compare China and Hong Kong’s regulatory frameworks in relation to culture and conduct.
Supervision & Enforcement
APRA Set for Dramatic Overhaul in Response to Capability Review
By Editors | 18/07/2019
Among the review’s recommendations are proposed veto powers to prevent the appointment or reappointment of “inappropriate” directors and senior executives at regulated entities.
Credit Risk
China Issues New Rules for Distressed Asset Fund Managers
By Editors | 17/07/2019
Under the new rules, local AMCs must price bad assets fairly and are prohibited from setting buyback terms in acquisition contracts to help financial institutions cover up bad assets.
Fraud, Scams & Cybercrime
Allahabad Bank Reports $258mn Fraud by Indian Steelmaker
By Editors | 17/07/2019
Following a similar report from Punjab National Bank earlier this month, Allahabad Bank has reported a $258mn fraud at Bhushan Power & Steel.
Anti-Money Laundering
Singapore Loansharking Raids Result in 129 Arrests
By Editors | 17/07/2019
Two suspects are believed to have directly carried out unlicensed moneylending, while 94 provided them access to bank accounts to facilitate their activities.
Anti-Bribery & Corruption
ICBC Graft Probe Linked to Ex-CSRC Chief Liu Shiyu – Report
By Editors | 17/07/2019
Chinese investigators are said to be targeting Liu’s affiliates for suspicious dealings involving investments in high yield wealth management products provided by ICBC Shanghai.
Market Abuse
KRX Fines Merrill Lynch for High-Frequency Trading Activities
By Editors | 17/07/2019
KRX found that over an eight-month period, Merrill Lynch’s Seoul branch engaged in 6,220 high-frequency trades on behalf of a foreign hedge fund.
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