Operational Risk

APRA Proposes Best Interests Duty for Insurance in Superannuation

26/11/2019

Superannuation funds which use related parties to deliver insurance will need to certify that the arrangements are in the best interests of members.

Clearing & Post-Trade

Thailand to Launches DLT Pilot Trading Corporate Bonds

26/11/2019

The DLT project was first announced in September, and will first test trading with bonds before expanding to equities, derivatives and investment funds.

Anti-Money Laundering

UPDATED – Westpac Announces Plan to Address AML/CTF Failings

26/11/2019

Westpac is determined to urgently fix the issues raised by AUSTRAC and lift its standards. ASIC and APRA have begun investigations into the bank.

PEPs & Sanctions

Singapore Company Director Jailed for North Korea Trade

25/11/2019

The Singapore man was reportedly selling luxury goods to a North Korean shop, shipping the goods via Dalian, and receiving payment via front companies in China and Hong Kong.

Structural Regulation

CBIRC Proposes Higher Conduct Standards for Trust Companies

25/11/2019

The CBIRC has issued draft rules cancelling the $1bn total asset threshold foreign FIs are currently required to meet to hold shares in domestic trust companies, among other revisions.

Liquidity Risk

BSP Excludes Interbank Borrowings from Reserve Calculations

25/11/2019

“The exclusion of these types of borrowings from the reserve base of banks and quasi-banks will result in freed-up liquidity for lending or investment activities,” the BSP said.

Trading & Investment

SSE, SZSE Propose Rules Changes to Implement Investor ID Regime

25/11/2019

Under the regime, brokers must assign a unique digital code that identifies each investor, who will be “deemed to agree” that their information may be transferred to the Hong Kong SFC and SEHK.

Structural Regulation

Nomura Joint Venture Secures China Securities Business Licence

25/11/2019

Nomura Orient International Securities, 51% owned by its Japanese parent, will be allowed to operate brokerage, investment consulting, proprietary trading, and asset management businesses.

Trading & Investment

Hong Kong Hedge Funds Offered Incentives to Relocate to Tokyo

25/11/2019

A Japanese delegation was reportedly in Hong Kong last week to meet with dozens of fund managers to persuade them to relocate to Tokyo.