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Credit Risk
Complex Group Arrangements Compound Margin Financing Risks: SFC
By Manesh Samtani | 19/06/2019
Deputy chief Julia Leung says the SFC is concerned that brokers are using complex trading arrangements to circumvent regulatory oversight, among other supervisory priorities.
Market Abuse
SSE Issues Rules to Curb Abnormal Trading on New Board
By Editors | 19/06/2019
The rules are aimed at preventing large market fluctuations, while maintaining market liquidity, the Shanghai Stock Exchange said.
Structural Regulation
SFC Warns FX Brokers Against Servicing Mainland Clients
By Editors | 18/06/2019
Licensed corporations and their controlling entities are asked to review the legality of the services they offer, and immediately discontinue “unauthorised or illicit activities”.
KYC & CDD
HK Banks Asked to Enhance Customer Interface of Account Opening
By Manesh Samtani | 18/06/2019
The HKMA has published the findings of its mystery shopper programme, which set out to assess customer interface aspects of bank account opening for SMEs and ethnic minorities.
Cybersecurity
BSP Orders FIs to Coordinate Cyber Threat Response
By Editors | 17/06/2019
BSP supervised financial institutions are asked to participate in the BAPCID, a platform for sharing cyber threat information and best practices.
Supervision & Enforcement
ANZ in Compliance With Fees-For-No-Service Enforceable Undertaking
By Editors | 17/06/2019
ASIC is satisfied with ANZ’s compliance with a March 2018 court enforceable undertaking related to the bank’s fees for no service issue.
Supervision & Enforcement
APRA Uses New Directions Powers Against AMP Super
By Editors | 17/06/2019
AMP superannuation units have been ordered to make significant changes to their business practices, and to renew and strengthen their board.
Supervision & Enforcement
SFC, CSRC to Facilitate Cross-Border Investigations
By Editors | 17/06/2019
The SFC and CSRC have agreed on a new cooperative framework to facilitate and coordinate cross-border investigations in “high impact or urgent cases”.
Market Abuse
ICBC US Brokerage Unit Penalised for Unlawful ADR Practices
By Editors | 17/06/2019
ICBC Financial Services LLC will pay over $42m to the US SEC for improper handling of ‘pre-released’ ADRs, and $3m to the DOJ for conspiring to rig bids related to the release of ADRs.
KYC & CDD
HKMA Sets Out AML/CFT Best Practices for SME Onboarding
By Editors | 17/06/2019
A thematic review has concluded that authorised institutions have in general applied the risk-based approach to AML/CFT measures, but there is room for improvement.
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