Enforcement

Singapore Convicts Three Front-Runners Under Insider Trading Laws

11/07/2019

Two First State equity dealers told a UOB Kay Hian remisier about their firm’s intended orders to front-run trades in 100 counters, leading to over S$8mn in insider trading profits over 8 years.

Enforcement

SFC Fines Celestial Commodities for Mishandling Client Money

10/07/2019

Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.

Fintech / Regtech

FSC Korea to Resume Accepting Internet-Only Bank Applications

10/07/2019

The FSC will once again start receiving applications for new internet-only banks in October, with a view to granting one or more new licences by year-end.

Fintech / Regtech

Philippines SEC Approves Crowdfunding Rules

10/07/2019

The Philippines SEC has issued rules governing the operation and use of equity- and lending-based crowdfunding to help smaller firms access financing.

Enforcement

ASIC to Target Short Term Credit Industry With New Powers

10/07/2019

Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC’s proposed first use of its new product intervention power.

Enforcement

Chinese Payments Provider Caught Embezzling Funds – Report

10/07/2019

China-based UCF Pay, a subsidiary of Hong Kong-listed Chong Sing Holdings, reportedly used client funds for other purposes, causing a shortfall of ¥240mn.

Capital / Liquidity

APRA Raises Capital Requirements for Big Banks

10/07/2019

The big four banks will need to raise A$50bn to meet higher loss-absorbing capacity requirements by 2024, though the increase is less than was proposed last November.

Capital / Liquidity

Korea FSS Warns Banks of Liquidity Risk at China Units

10/07/2019

KB Kookmin and KEB Hana have three months to submit plans for reducing their China corporate bodies’ reliance on support from their Korean parents.

Crypto / Digital Assets

Singapore Proposes GST Exemption for Digital Token Payments

09/07/2019

Transactions involving digital tokens or cryptocurrencies that function or are intended to function as a medium of exchange will be exempt from GST.