Fintech / Regtech

Singapore Accelerates Shift to Digital Economy

21/06/2018

MAS board member Ong Ye Kung pledges to eliminate cheque usage by 2025, while also reducing the need for ATM cash withdrawals, through increased adoption of e-payments.

AML / KYC

ASIFMA Publishes Best Practices Guide for Crypto Exchanges 

21/06/2018

New report guides digital asset exchanges towards international nest practices for listing processes, market manipulation, pricing and liquidity, AML/KYC and cybersecurity, among other areas.

Enforcement

Thailand, Japan to Cooperate on Banking Supervision

20/06/2018

BOT and Japan FSA agreement sets out process they will follow to foster greater cooperation for information sharing, on-site visits, supervisory colleges and crisis management.

Market Infrastructure

Australia Consults on Corporate Structure for Funds

20/06/2018

New ‘CCIV’ structure will allow Australia asset managers to market fund products to the rest of Asia, complementing the Asia Region Funds Passport.

Market Infrastructure

Fund Managers Negative on MiFID II Research Unbundling – Report

20/06/2018

New RSRCHXchange survey reveals non-European fund managers negative about unbundling requirements, while recognising positive impact for investors; impact expected to be felt Asia within 2-4 years.

Enforcement

Goldman Faces Naked Short Selling Fine in S. Korea

19/06/2018

South Korean branch of Goldman Sachs International said its naked shorts were the result of an institutional investor reversing a decision to lend it shares; the firm faces a fine up to $896,000.

Enforcement

China’s Former CIRC Chief Pleads Guilty on Bribery Charges

18/06/2018

Xiang Junbo pleaded guilty to taking $3mn in bribes during his six years as head of former insurance watchdog as well as earlier in his career at PBOC  and AgBank.

Enforcement

S. Korea Indicts 38 Bankers in Recruitment Probe

18/06/2018

Charges against current and former bank officials involve hiring misconduct, special favours; 87% of hiring irregularities occurred at either KB Kookmin Bank or KEB Hana Bank.

Securities / Derivatives

UPDATED – SGX Granted Extension for Continued India Derivatives Trading

18/06/2018

SGX, NSE ordered to facilitate continued listing of SGX Nifty products for at least two successive contract months beyond arbitration; injunction preventing SGX from launching new successor products to remain in effect pending final outcome.