Structural Regulation

Structural Regulation

India Passes Bill to Establish Unified Regulator for IFSCs

By Editors | 17/12/2019

In addition to regulating Gift City, the new authority will be responsible for any other international financial services centre set up in India in the future.

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.

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.

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

ASIC Increases Scrutiny on Audit Practices as Quality Drops

By Editors | 16/12/2019

ASIC’s latest inspection results show that audit firms did not obtain the required assurance in 26% of examined key audit areas, particularly in the audit of revenue and non-financial asset impairment.

Supervision & Enforcement

MAS Revokes Fund Manager’s CMS Licence for Regulatory Breaches

By Editors | 16/12/2019

The CMS licensee is a Singapore company set up by CT Bright Holdings Limited, a joint investment vehicle formed by Thai conglomerate CP Group and Japan’s ITOCHU Corporation.

Trading & Investment

FSC Korea Finalises Measures to Protect Investors From Risky Products

By Editors | 16/12/2019

The sale of highly complex derivative products will still be banned, but banks will be allowed to sell equity-linked trusts linked to the KOSPI 200, S&P 500, Euro Stoxx 50, HSCEI or Nikkei 225.