Financial Services Regulatory Update 2019/07/26

  • Australian Securities and Investments Commission Proposes to Ban Unsolicited Telephone Sales of Life Insurance and Consumer Credit Insurance
  • Cyprus Securities and Exchange Commission Signs a Memorandum of Understanding with Institute of Certified Public Accountants of Cyprus
  • European Securities and Markets Authority Consults on Disclosure Guidelines under the Prospectus Regulation
  • U.S. Commodity Futures Trading Commission Issues Order Finding that Korea Exchange, Inc. Made a False and Misleading Certification
  • Hong Kong Securities and Futures Commission Bans Song Peng for 10 Months
  • Hong Kong Securities and Futures Commission Suspends Hui Kwok Piu for Illegal Short Selling
  • Hong Kong Securities and Futures Commission Reprimands and Fines Lee’s Securities Company Limited HK$520,000 for Internal Control Failings
  • Hong Kong Securities and Futures Commission Reprimands and Fines Glory Sun Securities Limited HK$1.2 Million and Suspends its Current and Former Responsible Officers
  • Hong Kong Court Sets Pre-trial Review for Unlicensed Activities Prosecution Brought by the Hong Kong Securities and Futures Commission
  • Hong Kong Monetary Authority Issues Circular on Leverage Ratio Treatment of Client Cleared Derivatives and Revisions to Leverage Ratio Disclosure Requirements
  • Hong Kong Monetary Authority Releases Report on the Money Laundering and Terrorist Financing Risk Assessment for the Stored Value Facility Sector
  • The Listing Committee of GEM of the Stock Exchange of Hong Kong Limited Censures or Criticizes China Regenerative Medicine International Limited and Twelve of its Current and Former Directors for Breaching the GEM Listing Rules and the Director’s Undertaking
  • Highlights of the Speech by Hong Kong Privacy Commissioner at the 2019 Asia Privacy Forum in Singapore on Compliance with Regulatory Requirements, Accountability and Data Ethics
  • Insurance Authority of Hong Kong Signs Memorandum of Understanding on Delegation of Powers to the Monetary Authority
  • U.S. Securities and Exchange Commission Charges Accountant and Friend in US$6.2 Million Insider Trading Scheme
  • U.S. Commodity Futures Trading Commission and Securities and Exchange Commission Invite Public Comment on a Joint Proposal to Align Margin Requirements for Security Futures with Requirements for Similar Financial Products
  • U.S. Securities and Exchange Commission Staff Publishes Statement Highlighting Risks for Market Participants to Consider as They Transition Away from London Inter-Bank Offered Rate
  • U.S. Securities and Exchange Commission and North American Securities Administrators Association Explain Application of Securities Laws to Opportunity Zone Investments
  • Nomura Securities International Inc. Pays Misled Bond Customers US$25 Million to Settle U.S. Securities and Exchange Commission Charges
  • U.S. Commodity Futures Trading Commission and the Japan Financial Services Agency Issue a Joint Statement Regarding the Comparability of Certain Derivatives Trading Venues in the U.S. and Japan
  • Financial Conduct Authority of the United Kingdom Announces HSBC to Extend Redress Scheme for Customers Impacted by Historical Debt Collection Practices
  • European Securities and Markets Authority Warns Contracts for Differences Providers on Application of Product Intervention Measures
  • European Securities and Markets Authority Publishes Report on the Licensing of Fintech Firms across Europe
  • European Securities and Markets Authority Launches Consultation on Cost of Market Data and Consolidated Tape
  • Singapore Exchange Regulation Requires Exit Offers to be Fair and Reasonable and Shareholder Vote to Exclude Offeror and Concert Parties
  • Singapore Exchange Regulation Consults on Proposed Enhancements to Securities Trading Auction Mechanism
  • China Seeks Public Comments on the Optimization of the Business Environment Regulations (Draft for Comment)
  • Shanghai Stock Exchange Replies to Inquiries on 2018 Annual Reports of Corporate Bond Issuers
  • Shanghai Stock Exchange Implements Opinions on Judicial Guarantee for Launching the Sci-Tech Innovation Board and Piloting the Registration-Based IPO System
  • Shanghai Stock Exchange Releases “Memorandums on Information Disclosure of Companies Listed on Sci-Tech Innovation Board” and Supporting Guidelines for Announcement Formats
  • Shenzhen Securities Information Co., Ltd Joins the Index Industry Association
  • Export-Import Bank of China’s Financial Bonds Debut on Shenzhen Stock Exchange
  • Australian Securities and Investments Commission Consults on Proposal to Intervene to Stop Consumer Harm in Short Term Credit
  • Australian Securities and Investments Commission Finds Unacceptable Sales Practices, Poor Product Design and Significant Remediation Costs in Consumer Credit Insurance Sold by Major Banks and Lenders
  • Caldwell Investment Management Ltd. Pays CAD1.8 Million to Settle Ontario Securities Commission of Canada’s Charges for Violating Trade Execution Rules
  • Financial Services and Markets Authority of Belgium Authorizes European Money Markets Institute as Administrator of the EURIBOR Benchmark
  • Abu Dhabi Global Market Partners with Ajman Department of Land and Real Estate Regulation to Enhance Economic Integration between Abu Dhabi and Ajman
  • Thailand Securities and Exchange Commission Seeks Public Comments on Proposed Amendments to Term Fund Rules
  • Hong Kong Securities and Futures Commission Takeovers and Mergers Panel Rules against Waiver of General Offer Obligation in Proposed Maanshan Iron & Steel Company Limited Acquisition
  • Hong Kong Securities and Futures Commission and Independent Commission Against Corruption Operation Leads to Charging of Ex-Convoy Global Holdings Limited Executive Directors and Broker’s General Manager
  • China Banking and Insurance Regulatory Commission Continues Preferential Treatment to Hong Kong Reinsurance Industry
  • Facebook Inc. Settle with U.S. Securities and Exchange Commission and Federal Trade Commission
  • China Implements Measures for Further Opening Up the Financial Sector
  • The First Batch of 25 Companies Debuts on Shanghai Stock Exchange STAR Market
  • Shanghai Stock Exchange Replies to Inquiries on Trading Mechanism of STAR Market in the Initial Stage of Opening
  • Shanghai Stock Exchange STAR Market 50 Component Index Will Be Released
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Financial Services Regulatory Update 2019/07/12

  • Australian Securities and Investments Commission Commences New Regime for Corporate Whistleblower Protections
  • Hong Kong Securities and Futures Commission Publishes Statement on the Conduct and Duties of Directors when Considering Corporate Acquisitions or Disposals
  • Hong Kong Securities and Futures Commission Issues Circular to Intermediaries on Amendments to Paragraph 5.1 of the Code of Conduct
  • Hong Kong Securities and Futures Commission Issues Circular to Intermediaries on Remote Onboarding of Overseas Individual Clients
  • Hong Kong Securities and Futures Commission Bans Goldman Sachs (Asia) L.L.C. Former Responsible Officer Tim Leissner for Life
  • The Ministry of Finance of the People’s Republic of China, the China Securities Regulatory Commission and Hong Kong Securities and Futures Commission Sign Tri-partite Memorandum of Understanding on Audit Working Papers
  • Hong Kong Securities and Futures Commission Reprimands and Fines Celestial Commodities Limited and Celestial Securities Limited HK$6.3 million for Mishandling Client Money
  • Hong Kong Securities and Futures Commission Issues Circular to Intermediaries on New Measure to Protect Client Assets
  • Hong Kong Securities and Futures Commission Publicly Criticizes CM Asset Management (Hongkong) Company Limited for Breaches of Takeovers Code
  • Hong Kong Monetary Authority and Hong Kong Securities and Futures Commission Issue Joint Consultation Conclusions on Annual Update to the List of Financial Services Providers under the Clearing Obligation for OTC Derivative Transactions
  • Hong Kong Monetary Authority Welcomes Setting up of a Bank for International Settlements Innovation Hub Center in Hong Kong
  • Hong Kong Monetary Authority and Autorité de Contrôle Prudentiel et de Résolution Enhance Fintech Collaboration
  • Hong Kong Monetary Authority Issues Frequent Asked Questions on Reporting Treatment of Transactions Related to Initial Public Offerings
  • Hong Kong Exchanges and Clearing Limited Completes Acquisition of Ronghui Tongjin Majority Stake
  • Hong Kong Exchanges and Clearing Limited Expands Closing Auction Session to All Equities and Funds
  • Hong Kong Exchanges and Clearing Limited Launches USD London Metal Mini Futures in August
  • The Stock Exchange of Hong Kong Limited Issues Announcement in Relation to the Matter of Flyke International Holdings Limited (and Together with its Subsidiaries) Proceeding to Third Stage of Delisting Procedures
  • The Stock Exchange of Hong Kong Limited Issues Announcement in Relation to the Matter of Rui Feng Group Holdings Company Limited Cancellation of Listing
  • The Stock Exchange of Hong Kong Limited Announces New Review Structure for Listing Committee Decisions
  • Insurance Authority of Hong Kong Publishes Consultation Conclusions on the Guideline on Pecuniary Penalty for Licensed Insurance Intermediaries
  • Hong Kong Competition Commission Takes Renovation Cartel Case to Competition Tribunal
  • U.S. State Street Bank Settles U.S. Securities and Exchange Commission Charges for Adding Undisclosed Markups on Client Expenses
  • U.S. Commodity Futures Trading Commission Orders Merrill Lynch Commodities, Inc. to Pay Approximately US$25 Million for Spoofing, Manipulation, and Attempted Manipulation in Precious Metals Futures
  • Financial Conduct Authority of the United Kingdom, U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission Issue Joint Statement on Opportunistic Strategies in the Credit Derivatives Markets
  • Financial Conduct Authority of the United Kingdom Confirms Recognition of the Foreign Exchange Global and United Kingdom Money Markets Codes
  • Financial Conduct Authority of the United Kingdom Launches Review of the Credit Information Market
  • Financial Conduct Authority of the United Kingdom Proposes Ban on Sale of Crypto-Derivatives to Retail Consumers
  • Financial Conduct Authority of United Kingdom Confirms Permanent Restrictions on the Sale of Contracts for Difference and Contracts for Difference-like Options to Retail Consumers
  • European Securities and Markets Authority Issues Opinions on Product Intervention Measures by Germany, Spain, Bulgaria, Denmark, Latvia and Greece and Ceases Renewal the temporary prohibition of Product Intervention Measure
  • European Securities and Markets Authority Consults on Short-Termism in Financial Markets
  • European Commission Publishes Guidelines to Improve How Firms Report Climate-related Information and Welcomes Reports on Climate Finance
  • Monetary Authority of Singapore Will Issue up to Five Digital Bank Licenses
  • Singapore Exchange Launches Asia’s First Portfolio Compression Service for Listed Derivatives
  • Shanghai Stock Exchange Launches On-site Supervision of Sponsoring Business for Sci-Tech Innovation Board
  • Shanghai Stock Exchange and Japan Exchange Group Launch China-Japanese ETF Connectivity
  • Shenzhen Stock Exchange Improves Capital Market Service Functions and Facilitates the Innovative Development of Small and Medium-sized Enterprises
  • Shenzhen Stock Exchange Completes the Review of the 2018 Annual Reports on Fixed Income Products
  • Shenzhen Stock Exchange Completes the Appraisal of Information Disclosure of Listed Companies
  • Shenzhen Stock Exchange and the Belarusian Currency and Stock Exchange Sign a Memorandum of Understanding
  • Shenzhen Stock Exchange Continues to Rigorously Implement the Mandatory Delisting Mechanism for Major Violation of Law
  • Australian Securities and Investments Commission Consults on Proposed Market Integrity Rules for Technological and Operational Resilience
  • Australian Securities and Investments Commission Consults on New Product Intervention Power Use
  • Australian Securities and Investments Commission Approves an Updated Banking Code of Practice
  • Australian Securities and Investments Commission Consults on Relief for Foreign Providers of Funds Management Services to Australian Professional Investors
  • Australian Securities and Investments Commission Provides New Guidance for Certain Australian Financial Services License Applications
  • Australian Securities and Investments Commission Restricts iBosses Corporation Limited from Using Disclosure Exemptions for Failing to Lodge Financial Reports
  • Financial Action Task Force Issues Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers
  • International Organization of Securities Commissions Urges Authorities to Use Existing Standards to Address Cyber Risk
  • International Organization of Securities Commissions Examines Liquidity in Corporate Bond Markets under Stressed Conditions
  • Shanghai Stock Exchange Announces Listing Arrangements for the First Batch of Companies on the Sci-Tech Innovation Board Market
  • China Issues Notice on the Relevant Requirements for the Application for Recordation and Registration of Foreign Debt Issuance by Local State-owned Enterprises
  • China Releases 2019 Industry Catalog Encouraging Foreign Investment
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