Markets & Infrastructure

Conduct, Culture & Accountability

Australian Federal Court Fines OTC Derivative Issuers A$75m

By Editors | 22/10/2020

The three OTC derivatives issues are now in liquidation and have also been ordered pay ASIC’s costs and to refund approximately 10,000 former clients, on top of the penalties.

Market Abuse

FSC Korea Kicks Offs New Task Force to Address Illegal Trading

By Editors | 22/10/2020

Korean regulators will work to enhance cross-agency information sharing, introduce a new market abuse monitoring system, and raise penalties for unfair trading activities.

Structural Regulation

UK Consults on Post-Brexit Regulatory Framework for Financial Services

By Editors | 22/10/2020

The consultation proposes a blueprint for the future regulatory framework that more clearly allocates responsibilities between Parliament, HM Treasury and financial services regulators.

Conduct, Culture & Accountability

HKMA Asks FIs to Protect Customer Interests in LIBOR Switch

By Manesh Samtani | 21/10/2020

Banks are expected to develop robust education and outreach programmes to help customers make informed decisions when assessing the options available in the transition.

Market Data & Technology

SEBI to Promote Greater Access to Securities Market Data

By Editors | 21/10/2020

The committee will identify gaps in the public availability of securities market data and recommend regulations to promote transparency, access and useability of such data.

Conduct, Culture & Accountability

Woori to Dismiss 19 Employees Following Unfair Recruitment Probe

By Sanday Chongo Kabange | 21/10/2020

The Supreme Court ruled that 27 of Woori’s employees were involved in unfair hiring practices, 19 of which still work for the bank.

Structural Regulation

FSTB to Introduce ‘Corporate Rescue’ Bill for LegCo Deliberation

By Sanday Chongo Kabange | 21/10/2020

The FSTB also plans to introduce bills to provide targeted tax relief for private equity funds, enable a paperless securities market in Hong Kong, and progress work on the new eMPF platform.

Fraud, Scams & Cybercrime

Korean Regulators to Revoke Lime Asset Management Licence

By Editors | 20/10/2020

Subject to FSC approval, the FSS will revoke Lime’s business registration and order the company to dismiss its CEO, who was arrested in July.

Supervision & Enforcement

CBIRC Issues Raft of Penalties Over Illegal Loans at Banks

By Editors | 20/10/2020

China Construction Bank was fined, while senior executives and responsible personnel at Shanghai Pudong Development Bank and Guangfa Bank were punished individually.