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Structural Regulation
EU Benchmark Equivalence Regime Not Scalable: ISDA, FIA
By Manesh Samtani | 07/05/2020
While the Associations welcome the legal approach taken, they highlight that the draft equivalence decision excludes the widely referenced Nikkei and JPX benchmarks.
Supervision & Enforcement
Australia: Pershing Pleads Guilty to Breaching Client Money Rules
By Editors | 07/05/2020
Pershing Securities Australia, a BNY Mellon subsidiary, is the first company in Australia to face criminal prosecution for breaching client money provisions.
Structural Regulation
US SEC Green-lights Launch of New Stock Exchange, MEMX
By Editors | 07/05/2020
Backed by some of Wall Street’s largest financial institutions, MEMX says it will offer a less expensive exchange model; fewer, less complex order types; and a basic market data feed.
Trading & Investment
DBS Prices Singapore’s First SORA-based Floating Rate Notes
By Editors | 06/05/2020
DBS has priced the first floating-rate notes referencing SORA, identified last August as Singapore’s alternative interest rate benchmark to SOR.
Trading & Investment
FSC Designates Six Brokers to Specialise in SME Investment
By Editors | 06/05/2020
The designation will be valid for two years, allowing the brokers to receive preferential policy incentives for boosting investment in SMEs.
Structural Regulation
Singapore Allows Electronic Dissemination of Offer Documents
By Editors | 06/05/2020
Electronic dissemination will enable rights issues and takeover or merger transactions to take place while reducing the need for staff to be physically present at workplaces.
Credit Risk
SEBI Initiates Probe into Franklin Templeton Fund Closures
By Editors | 06/05/2020
SEBI is reported looking to determine whether the firm violated rules, breached its fiduciary duty, or failed to act in investors’ best interests.
Payments & Settlements
ECB Seeks Further Guidance from SWIFT on ISO 20022 Delay
By Editors | 06/05/2020
The request follows a March decision by SWIFT’s Board to extend the original timeline for implementation of ISO 20022 for cross-border payments by one year to end-2022.
Clearing & Post-Trade
Industry Bodies Request Margin Exemption Extensions under EMIR
By Manesh Samtani | 06/05/2020
ISDA and other industry associations are asking for equivalence decisions for all jurisdictions that have implemented margin rules in line with the BCBS-IOSCO framework.
Conduct, Culture & Accountability
Taiwan FSC Warns Lenders Not to Overcharge for Covid-19 Loans
By Editors | 06/05/2020
The FSC will investigate banks that charge unreasonably high handling fees to circumvent the interest rate cap on relief loans.
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