Enforcement

SFC Fines China Merchants Securities for Mishandling Client Money

31/05/2019

China Merchants Securities has received a second fine this week, this time for using funds from client trust accounts for purposes not allowed under the SFC’s Client Money Rules.

AML / KYC

RBI Allows Banks to Use Aadhaar for KYC

31/05/2019

The RBI will allow banks to use Aadhaar to authenticate and verify customer identities, provided customer consent is obtained.

Market Infrastructure

S. Korea FSC Announces Derivatives Market Reforms

31/05/2019

The minimum deposit requirements will be abolished for professional investors and eased for retail investors. The minimum 20-hour compulsory training requirement will be reduced.

Securities / Derivatives

South Korea Cuts Securities Transaction Tax

30/05/2019

FSC chairman Choi Jong-ku has repeatedly called for a cut in the securities transaction tax to ease the burden it places on stock and mutual fund trades.

Fintech / Regtech

SEBI Floats Discussion Paper on Sandbox for Regulated Entities

30/05/2019

Under the proposed framework, entities regulated by SEBI will be granted certain facilities and flexibilities to experiment with innovative solutions in a live environment and on real customers.

Market Infrastructure

PBOC Mulls Shift to Market Based Lending Rates

30/05/2019

PBOC governor Yi Gang has suggested discontinuing benchmark lending rate announcements to study the resulting loan rate trends, as a possible step towards market-based rates.

Securities / Derivatives

China Clarifies Treatment of CDR Proceeds for Foreign Issuers

30/05/2019

New rules from the PBOC and SAFE give freedom to CDR issuers to elect whether to keep the proceeds in China or send them abroad.

Capital / Liquidity

Bangladesh Imposes Limits on Bank Exposures to Non-Listed Securities

30/05/2019

The move comes just after the central bank allowed banks to exclude investments in non-listed securities from their capital market exposure calculations.

Capital / Liquidity

Vietnam Banks Allowed to Retain Dividends to Boost Capital

30/05/2019

State-owned banks will be allowed to retain dividends or pay them in shares to help them meet Basel II capital adequacy requirements by January 2020.