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Payments & Settlements
Australia Finalises ISO 20022 Migration Approach for Payment System
By Editors | 27/02/2020
From November 2021, all intermediaries for incoming cross-border payments must be able to receive ISO 20022 enhanced message content, and to pass on those messages in full.
KYC & CDD
HK FSDC Survey Highlights Regulatory Challenges in Wealth Management
By Editors | 26/02/2020
Survey and focus group participants highlighted KYC challenges, a lack of clarity on client suitability requirements, and overly onerous investor protection measures impeding professional investors.
Conduct, Culture & Accountability
ASIC Probes Brokers for Exploiting Wholesale Investor Rules – Report
By Editors | 26/02/2020
Some stockbrokers reportedly mis-classified retail clients as sophisticated investors in order to sell them poor-performing listed investment funds.
Trading & Investment
Hong Kong Announces Budget Initiatives to Boost Financial Sector
By Manesh Samtani | 26/02/2020
The initiatives include a waiver on stamp duties paid by ETF market makers, tax concessions for private equity funds, and planned enhancements to Hong Kong’s AML/CTF regime.
Structural Regulation
ASIC Proposes to Reduce Red Tape for Companies Planning IPOs
By Editors | 26/02/2020
ASIC proposes to grant conditional relief for voluntary escrow arrangements and pre-prospectus communications to existing shareholders and employees.
Trading & Investment
ISDA Launches New Consultation on Pre-cessation Fallbacks
By Editors | 25/02/2020
ISDA seeks input on whether to add a pre-cessation trigger to the permanent cessation fallbacks it is implementing for LIBOR in its standard documentation.
Structural Regulation
Bursa Malaysia Subsidiary to Assume All Regulatory Functions
By Editors | 25/02/2020
The establishment of the new wholly-owned subsidiary, ‘Bursa RegSub’, follows a similar approach to SGX, which formed SGX RegCo to undertake all regulatory functions in 2017.
Trading & Investment
ISDA Concludes Consultation on EUR LIBOR, EURIBOR Fallbacks
By Editors | 25/02/2020
Respondents selected the ‘compounded setting in arrears rate approach with a backward-shift adjustment’ and ‘five-year historical median approach to the spread adjustment’.
Clearing & Post-Trade
HKEX Finds Compliance Deficiencies at Exchange, Clearing Participants
By Editors | 25/02/2020
HKEX has asked 95 participants to address deficiencies relating to position limits and large open position reporting, risk management and China Connect trading activities.
Conduct, Culture & Accountability
Hong Kong Insurance Authority Allows Non-face-to-face Product Sales
By Editors | 25/02/2020
The temporary measures are aimed at reducing the risk of Covid-19 infection from face-to-face meetings between insurers, intermediaries and clients.
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