PEPs & Sanctions

MUFG Bank Reaches Settlement with New York State Regulator

28/06/2019

The agreement settles claims relating to MUFG’s switch from state to federal oversight in November 2017, as New York regulators asserted continuing regulatory authority.

Capital Adequacy

FSC Announces S. Korea’s D-SIBs for 2020

28/06/2019

The five bank holding companies and their subsidiary banks will be required to set aside additional common equity capital of 1% for 2020.

Clearing & Post-Trade

SGX Enables Portfolio Compression for Listed Derivatives

28/06/2019

SGX, in collaboration with a unit of BGC Partners, has become the first exchange in Asia to launch a portfolio compression service for listed derivatives.

Conduct, Culture & Accountability

ASIC Imposes Lifetime Ban on Former Westpac Adviser

27/06/2019

The former adviser is said to have prioritised his own interests over those of his clients by providing inappropriate advice that maximised fees and commissions.

Structural Regulation

RBI Issues Guidelines for Financial Benchmark Administrators

27/06/2019

Existing financial benchmark administrators will be notified if their benchmark is considered a “significant benchmark”. They will then have three months to apply for RBI authorisation.

Trading & Investment

CSRC Allows Funds to Engage in Securities Lending

27/06/2019

Certain funds can lend stocks to the state-owned China Securities Finance Corp, which can then lend to brokers, who facilitate investor short selling.

Supervision & Enforcement

RBNZ to Intensify Supervision of Financial Institutions

27/06/2019

The RBNZ is reviewing its regulatory requirements and intensifying its supervision of financial institutions to boost the resilience of New Zealand’s financial system.

Structural Regulation

CFTC Clarifies How Foreign Broker Exemptive Relief Can Be Terminated

27/06/2019

The CFTC has the right to terminate the exemptive relief granted to foreign brokers, but current regulations do not provide a specific course of action if exemptive relief no longer warranted.

Conduct, Culture & Accountability

ASIC Consults on Use of New Product Intervention Power

27/06/2019

The draft regulatory guide sets out the scope of ASIC’s new powers, when and how it expects to use the power, and how a product intervention order is made.