Markets & Infrastructure

Clearing & Post-Trade

European Commission Unveils No-Deal Brexit Contingency Plan

By Manesh Samtani | 21/12/2018

The 14-point plan includes conditional equivalence for UK CCPs and CSDs as well as delegated regulations to facilitate the novation of OTC derivatives contracts.

Conduct, Culture & Accountability

Licensees Should Avoid Employee Allocations in Equity Raising – ASIC

By Editors | 21/12/2018

Following a review of allocations practices in equity raising transactions, ASIC said allocations to employees should be avoided as they can present conflicts of interest.

Payments & Settlements

All SWIFT Banks to Adopt gpi Payments by End-2020

By Editors | 20/12/2018

Over half of SWIFT’s cross border traffic now goes through as gpi payments, with full adoption by its 10,000 member banks expected by end-2020.

Conduct, Culture & Accountability

HKMA to Require Banks to Report on Culture Reform

By Editors | 20/12/2018

First phase of bank culture self-assessments will cover about 30 institutions, including all major retail banks and selected foreign bank branches.

Conduct, Culture & Accountability

Licensed Corporations Should Carefully Review Internal Controls – SFC

By Editors | 20/12/2018

The SFC has reviewed brokers’ internal control systems and found they are not adequately protecting client assets, supervising their staff or incentivising good compliance culture.

Trading & Investment

China Exempts Mainland Investors from Tax on Hong Kong Funds

By Editors | 19/12/2018

Chinese regulators have applied a one year income tax exemption for mainland investors buying and selling Hong Kong funds through the mutual recognition of funds scheme.

Structural Regulation

APRA Grants Second ‘Restricted ADI’ Licence

By Editors | 19/12/2018

Xinja Bank, the latest recipient of the restricted ADI licence, has a prepaid card on the market and an ASIC-approved home loan product.

Clearing & Post-Trade

SEBI Amends Risk Management Framework for Equity Derivatives

By Editors | 19/12/2018

Initial margins must be collected before the next trading day (T+0), but CCPs may allow 2 days after the last margin collection before close-out of equity derivative positions.

Conduct, Culture & Accountability

ACCC to Get A$35mn to Pursue Anti-Competitive Behaviour

By Editors | 18/12/2018

New specialist investigators are expected to bring more competition cases to court each year and boost prosecutions of criminal cartels, especially in the financial sector.