ESG / Sustainability

FundForum: Nurturing Growth in Hong Kong’s Asset Management Sector – SFC

06/09/2018

The SFC’s Alexandra Yeong says Hong Kong has made great strides towards becoming a global centre for asset management.

Enforcement

Westpac to Pay Record A$35mn for ‘Responsible Lending’ Breach

05/09/2018

Westpac Bank’s automated credit assessment system approved 10,500 home loans between 2011 and 2015 which should not have been automatically approved; the system has since been upgraded.

Market Infrastructure

ASX Defers CHESS Replacement by Six Months to Ensure Readiness

05/09/2018

ASX deferred the earliest go-live date for new DLT-based system to target March-April 2021; will provide additional six months for user development and testing, industry testing and accreditation.

Market Infrastructure

Regulatory Coordination Needed to Reduce Inefficiencies in APAC – Report

05/09/2018

With regulation continuing to play a prominent role in Asia over the next five years, China’s Belt and Road initiative is likely to drive increased coordination between the region’s regulators, says a new report from Broadridge and Kapronasia.

Market Infrastructure

China Issues Draft Rules on Shanghai-London Depository Receipts

03/09/2018

CSRC solicits public comments on rules for SSE- and LSE-listed firms issuing depository receipts in each other’s markets through Shanghai-London Stock Connect, set to launch later this year.

Big Picture

Fund Managers Cite Data, Regulation as Major Challenges – State Street

30/08/2018

New research from State Street has identified access to distribution data as a major challenge for asset managers; understanding the impact of local regulation on strategy the biggest challenge for product launches.

Market Infrastructure

Aussie Banks Move to Reform Mortgage Broking Sector

30/08/2018

Volumed-based bonus payments for mortgage brokers and other incentives to be abolished; new industry code of conduct prioritising customers’ interests expected by year-end.

Fintech / Regtech

Nikko Set to Enter New Zealand’s Robo Advice Market

29/08/2018

New Zealand’s FMA has granted an exemption allowing Nikko to enter the robo-advice market; new digital platform to be launched later this year.

AML / KYC

Samsung SDS Announces Blockchain-based ID Verification Platform

29/08/2018

Developed in collaboration with the Korea Federation of Banks, BankSign allows customers to use multiple banks’ mobile apps, once a co-verification certificate is obtained from a single bank.