Markets & Infrastructure

Structural Regulation

Australia Defers All Royal Commission Commitments by Six Months

By Editors | 09/05/2020

In line with the Treasury’s announcement, ASIC has deferred mortgage broker reforms and the introduction of product design and distribution obligations.

Conduct, Culture & Accountability

HKMA Proposes Mandatory Reference Checks to Stop Rolling Bad Apples

By Manesh Samtani | 08/05/2020

Under the scheme, prospective employees would be required to disclose employment records to recruiting AIs before a new employment relationship is established.

Trading & Investment

Bank of China to Partially Shoulder Investors’ Crude Oil Losses

By Editors | 08/05/2020

The move followed a determination by the Financial Stability and Development Committee that the bank was at fault for not following investment suitability principles.

Structural Regulation

China Scraps QFII, RQFII Quotas; Simplifies Outbound Remittance Rules

By Editors | 08/05/2020

QFII and RQFII investors will merely need to go through a registration process to invest in China. Requirements on outbound remittances and currency exchange have also been simplified.

Trading & Investment

Charles Li to Step Down as HKEX Chief Executive Next Year

By Editors | 07/05/2020

Charles Li has been chief executive for over 10 years, and is credited with the launch of Stock Connect, Bond Connect, HKEX’s new listing regime and its dual class share system.

Market Abuse

US SEC Penalises Bloomberg Tradebook Over Order Routing

By Editors | 07/05/2020

Bloomberg Tradebook let unaffiliated brokers make decisions about the routing of certain customer trade orders in a way that lowered its own costs, without informing affected customers.

Credit Risk

CBIRC Allows Banks to Offer Debt-to-equity Products to Investors

By Editors | 07/05/2020

Banks have already been using bond issuances and their own capital to carry out debt-to-equity swaps since 2016. They will now be allowed to offer these assets directly to investors.

Structural Regulation

Japan to Propose Easier Fintech Investment Rules for Banks – Report

By Editors | 07/05/2020

The proposal includes scrapping a requirement for bank holding companies to obtain FSA approval to acquire more than 15% of nonfinancial companies.

Conduct, Culture & Accountability

SFC Fines Mega International Commercial Bank Over Sales Practices

By Editors | 07/05/2020

Mega did not properly assess clients’ investment objectives, risk tolerance levels and knowledge of derivatives, or ensure the suitability of its fund recommendations for clients.