Markets & Infrastructure

Market Abuse

SFC Bans Two Individuals for Window-Dressing Scheme

By Editors | 17/12/2019

For 3 years, the month-end liquid capital of W. Falcon Asset Management was falsely inflated with amounts on cheques that were later dishonoured.

Custody & Infrastructure

NZ FMA Identifies Weaknesses in Fund Custody Arrangements

By Editors | 17/12/2019

An FMA review found that custody administration tasks are often being delegated back to fund managers, which weakens the separation of functions and duties.

Payments & Settlements

CFETS Rolls Out Foreign Currency Pledged Repo Business

By Editors | 17/12/2019

The move is aimed at reducing the costs of foreign currency financing and diversifying foreign currency financing instruments.

Trading & Investment

SFC to Allow Hong Kong ETFs to Invest in Overseas Master ETFs

By Editors | 17/12/2019

The SFC will authorise index tracking feeder ETFs that want to invest in an overseas-listed, non-SFC authorised master ETF on a case-by-case basis.

Structural Regulation

Asian Benchmark Administrators Face ‘Perfect Storm’ in 2021

By Manesh Samtani | 17/12/2019

The BMR transition period is now scheduled to end alongside LIBOR’s discontinuation, creating a “perfect storm” of regulatory change for benchmark administrators and users at end-2021.

Structural Regulation

CSRC Issues Pilot Rules for Spin-Off IPOs by Listed Companies

By Editors | 17/12/2019

To spin off a unit, a listed company should have three-year cumulative net profits of at least 600mn yuan, which is lower than the 1bn yuan requirement proposed in an August consultation.

Anti-Money Laundering

APRA Investigates Westpac, Imposes Capital Surcharge

By Editors | 17/12/2019

APRA’s investigation will focus on the conduct that led to Westpac’s alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.

Structural Regulation

FSC Korea Grants Preliminary Approval to Third Internet-only Bank

By Editors | 17/12/2019

Led by mobile money transfer app operator Viva Republica, the Toss Bank consortium expects to commence operations as an internet-only bank during the first six months of 2021.

Conduct, Culture & Accountability

APRA Delays Implementation of Product Responsibility under BEAR

By Editors | 16/12/2019

APRA will delay finalising its consultation on the product responsibilities under BEAR to align with the government’s proposed extension of the accountability regime.