Conduct, Culture & Accountability

Licensed Corporations Should Carefully Review Internal Controls – SFC

20/12/2018

The SFC has reviewed brokers’ internal control systems and found they are not adequately protecting client assets, supervising their staff or incentivising good compliance culture.

Liquidity Risk

PBOC Unveils New ‘Targeted’ Liquidity Facility for Banks

20/12/2018

The new ‘targeted medium-term lending facility’ is available to banks that demonstrate support for the real economy by lending to small and private companies.

Anti-Money Laundering

MAS Extends Prohibition Against Goldman’s Leissner to Lifetime Ban

20/12/2018

The March 2017 prohibition order barring former banker Tim Leissner for 10 years was based on limited information; US DOJ charges provided evidence of his involvement in 1MDB fund flows.

Credit Risk

APRA Removes Cap on Interest-Only Lending

19/12/2018

Caps on investor and interest-only lending have served their purpose of moderating higher risk lending and improving lending standards, according to APRA chairman Wayne Byres.

Trading & Investment

China Exempts Mainland Investors from Tax on Hong Kong Funds

19/12/2018

Chinese regulators have applied a one year income tax exemption for mainland investors buying and selling Hong Kong funds through the mutual recognition of funds scheme.

Structural Regulation

APRA Grants Second ‘Restricted ADI’ Licence

19/12/2018

Xinja Bank, the latest recipient of the restricted ADI licence, has a prepaid card on the market and an ASIC-approved home loan product.

Clearing & Post-Trade

SEBI Amends Risk Management Framework for Equity Derivatives

19/12/2018

Initial margins must be collected before the next trading day (T+0), but CCPs may allow 2 days after the last margin collection before close-out of equity derivative positions.

Capital Adequacy

HKMA Asks Local Banks to Study Latest Pillar 3 Requirements

19/12/2018

The HKMA advises banks to start considering the system changes necessary to implement the Basel Committee’s latest Pillar 3 disclosure requirements.

Conduct, Culture & Accountability

ACCC to Get A$35mn to Pursue Anti-Competitive Behaviour

18/12/2018

New specialist investigators are expected to bring more competition cases to court each year and boost prosecutions of criminal cartels, especially in the financial sector.