Payments & Settlements

Malaysia, S. Korea Launch Currency Swap Facility

27/05/2014

Bank Negara of Malaysia and the Bank of Korea have launched a currency swap facility worth up to RM5 billion, or five trillion won, to facilitate trade settlements between companies in Malaysia and South Korea.

Supervision & Enforcement

Financial Regulators’ Expenditures Rise as Market Surveillance Deepens

27/05/2014

Financial services regulators in major markets including Hong Kong have increased their expenditure over the last seven years by nearly 60% amid growing pressure on regulatory agencies to deepen scrutiny of the financial services industry following the 2008 crisis.

Market Abuse

Australian Regulator Issues Report on Confidential Information, Warns of Complacency

27/05/2014

Australia’s disclosure regime ensures retail investors can trust the integrity of the market, the Australian Securities and Investments Commission (ASIC) said, although it warned companies not to become complacent.

Market Abuse

Hong Kong Exchanges Vows to Fight Class Action Lawsuit on Zinc

27/05/2014

Hong Kong Exchanges and Clearing said it will “vigorously” contest a class action alleging it engaged in anti-competitive behaviour that distorted the price of zinc.

Structural Regulation

Hong Kong Court Orders EY to Submit Accounting Records to SFC

26/05/2014

A Hong Kong court has ordered accounting firm Ernst & Young (EY) to produce accounting records relating to its work for Standard Water Ltd, rejecting the firm’s argument that the mainland’s state secrets law prevents it from handing over information to the city’s securities regulator.

Payments & Settlements

Hong Kong, Australia Seek to Boost RMB Trade

23/05/2014

A group of senior representatives from Hong Kong and Australian banks met to review developments in the Renminbi (RMB) business and consider ways to strengthen RMB products and services, with a view to facilitating greater participation of corporates and other customers in the RMB market.

Structural Regulation

Myanmar Sees Delay in Stock Exchange Launch

23/05/2014

The opening of a stock exchange in Myanmar may be delayed due to difficulty in recruiting skilled people for jobs at the exchange and finding companies that could qualify to list on the market.

Conduct, Culture & Accountability

HK Regulator Reprimands, Fines Deutsche Bank for Regulatory Breaches

23/05/2014

The Securities and Futures Commission (SFC) has reprimanded and fined Deutsche Bank HK$1.6 million for regulatory breaches and internal control failings.

Emerging Prudential Risks

S.Korea’s Financial Authorities Need Enhanced Independence, Says IMF

22/05/2014

South Korea needs to strengthen the independence of its financial authorities to ensure the safety and soundness of its financial sector, said the International Monetary Fund.