Enforcement

APRA Uses New Directions Powers Against AMP Super

17/06/2019

AMP superannuation units have been ordered to make significant changes to their business practices, and to renew and strengthen their board.

Enforcement

SFC, CSRC to Facilitate Cross-Border Investigations

17/06/2019

The SFC and CSRC have agreed on a new cooperative framework to facilitate and coordinate cross-border investigations in “high impact or urgent cases”.

Securities / Derivatives

ICBC US Brokerage Unit Penalised for Unlawful ADR Practices

17/06/2019

ICBC Financial Services LLC will pay over $42m to the US SEC for improper handling of ‘pre-released’ ADRs, and $3m to the DOJ for conspiring to rig bids related to the release of ADRs.

AML / KYC

HKMA Sets Out AML/CFT Best Practices for SME Onboarding

17/06/2019

A thematic review has concluded that authorised institutions have in general applied the risk-based approach to AML/CFT measures, but there is room for improvement.

Securities / Derivatives

Shanghai’s New Tech Board to Commence Trading Within 2 Months

15/06/2019

China has held a launch ceremony for Shanghai’s new board, termed the ‘SSE STAR Market’. Trading is expected to commence within 2 months with about 30 companies.

Market Infrastructure

Singapore, UK to Enhance Cooperation on Cyber Security

14/06/2019

Authorities in Singapore and the UK have agreed to enhance cooperation in cyber security, data connectivity, talent development and green finance.

Market Infrastructure

RBA Proposes Financial Penalties for Slow NPP Adoption

14/06/2019

The RBA recommends the introduction of an enforceable sanctions regime and possible financial penalties for NPP participants that do not support core capabilities within a specific period of time.

AML / KYC

AUSTRAC Orders Audit of Afterpay’s AML Compliance

14/06/2019

AUSTRAC has ordered ‘buy-now, pay-later’ service firm Afterpay to undergo an independent audit to its compliance with AML/CTF laws.

Securities / Derivatives

SFC Provides Additional Guidance on Sale of Complex Products

14/06/2019

Paragraph 5.5 of the Code of Conduct is only applicable for unsolicited purchases of complex products. Intermediaries can apply a risk-based approach to disclosures for repeat purchases.