Market Infrastructure

Indonesia to Ease Rules on Bank Mergers, Including for Foreign FIs

06/08/2019

The rules currently require acquiring banks to merge all their local operations into a single entity, but this has proved unpopular among foreign lenders seeking to expand Indonesia operations.

Securities / Derivatives

SEBI Proposal Stricter Rules for Portfolio Managers

06/08/2019

SEBI proposes a higher net worth requirement, a higher minimum investment, and standardised performance reporting for portfolio managers, among other changes.

Market Infrastructure

Morgan Stanley, JP Morgan Take Control of China JVs

06/08/2019

Morgan Stanley has become the latest foreign firm to control a securities JV in China, while JP Morgan becomes the first foreign firm to own a majority stake in an asset management JV.

AML / KYC

MAS Targets Market Abuse with Proposed New Requirements

06/08/2019

Capital market licensees will have to record all client communications and capture their mobile device IDs. Foreign intermediaries will have to provide UBO information on request.

Market Infrastructure

Japan: Security Failures Force New Payments Service to Shut

06/08/2019

The security breach saw more than 38mn yen stolen from more than 800 accounts in the days after the July launch of a new mobile payment service for convenience stores.

Enforcement

SFC Imposes Lifetime Ban on Former UBS Adviser

06/08/2019

More than 10 years ago, the adviser accepted HK$1.4m in bribes from a client, paid at a rate of 20% of portfolio gains.

AML / KYC

Malaysian Authorities Bust Illegal Money Services Network

05/08/2019

In raids were jointly conducted by central bank, police and immigration officers, authorities seized almost $1mn, along with documents, computers and mobile phones.

Market Infrastructure

RBI Tightens Criteria for Board Appointments at State Banks

05/08/2019

The revised criteria for determining the ‘fit and proper’ status of proposed candidates include age, education, experience, and track record, among other criteria.

Securities / Derivatives

SSE, SZSE Set to Allow Trading in HK-Listed Dual Class Shares

05/08/2019

The Shanghai and Shenzhen stock exchanges are consulting on rule changes that will allow Chinese investors to trade Hong Kong-listed dual-class shares via Stock Connect.