ASIC to Monitor Progress to End Conflicted Remuneration

22/08/2019

ASIC will investigate the steps licensed entities are taking to end grandfathered conflicted remuneration for financial advisers and whether the benefits are passed on to clients.

Capital / Liquidity

Singapore Large Exposures Rules to Take Effect in Oct 2020

22/08/2019

MAS published a draft large exposures framework in early 2018, trying to meet the BCBS timeline for adoption in January 2019. The final rules will now take effect in October next year.

AML / KYC

Australia Introduces Bill to Criminalise Cash Payments Over A$10,000

22/08/2019

Under the proposed law, Australians would face up to two years’ jail and A$25,200 in fines if cash transactions between business and individuals exceed A$10,000.

AML / KYC

NTU Singapore to Develop New Tools to Fight Money Laundering

22/08/2019

Supported by the MAS and Singapore’s major banks, the project seeks​ to help wealth managers address money laundering risks with new AI and machine learning capabilities.

Market Infrastructure

Goldman Files Application to Control China Securities JV

22/08/2019

Goldman is seeking to bring its China business in line with its operations in other parts of the world – as its local partner folds its operations into the joint venture.

Enforcement

Former NAB Branch Manager Pleads Guilty to Fraud

22/08/2019

The former branch manager has already received a permanent ban from ASIC for making false and misleading statements to NAB in relation to 24 home loan applications.

Market Infrastructure

WFE Explores Sustainability Standards for Commodity Markets

22/08/2019

In a new white paper, the WFE explores potential ways for commodity derivatives exchanges to address the impact of sustainability.

Enforcement

CSRC Fines Four Individuals for Spreading False News

22/08/2019

The individuals, including a news editor, were fined for spreading ‘fabricated’ news that the CSRC blames for stock market declines in late January.

Securities / Derivatives

BNM Extends Range of Securities Eligible for Repo

21/08/2019

BNM’s draft policy document proposes to extend the maximum tenor of a repo to five years from 365 days previously, and to expand the securities that are eligible for repo.