Annual update to the list of Financial Services Providers under the clearing obligation for OTC derivative transactions
SFC, 24 Jun 2020
The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) today issued joint consultation conclusions on the annual update to the list of Financial Services Providers (FSP List)under the clearing obligation for over-the-counter (OTC) derivative transactions.
Full Text: Click Here
Circular to licensed corporations - Revised financial return form
SFC, 26 Jun 2020
The Securities and Futures Commission (SFC) today published the draft of the revised form of the return required to be submitted by licensed corporations (LCs) under section 56 of the Securities and Futures (Financial Resources) Rules. The draft is included in the Annex to this circular.
Full Text: Click Here; Annex: Click Here
EBA Guidelines on ICT and Security Risk Management
FCA, 25 Jun 2020
On 28 November 2019, the European Banking Authority (EBA) published final Guidelines(link is external) on ICT and security risk management for credit institutions, investment firms and payment service providers (PSPs) ('the Guidelines'). The FCA has notified the EBA that it intends to comply with these Guidelines.
Full Text: Click Here; Final Guidelines: Click Here
FCA publicly censures Redcentric PLC for market abuse
FCA, 26 Jun 2020
Redcentric issued unaudited interim results and audited final year results which materially misstated its net debt position and overstated its true asset position in circumstances where it knew, or ought to have known that the information was false and misleading. As a result, investors were misled and paid more when purchasing shares than they would have done had they known the true position.
Full Text: Click Here
MAS Consults on Environmental Risk Management Guidelines for Financial Institutions
MAS, 25 Jun 2020
The Monetary Authority of Singapore (MAS) today issued a set of three consultation papers on its proposed Guidelines on Environmental Risk Management (Guidelines) for banks, insurers and asset managers. The Guidelines aim to enhance financial institutions’ (FI) resilience to environmental risk, and strengthen the financial sector’s role in supporting the transition to an environmentally sustainable economy, in Singapore and in the region. This is part of MAS’ Green Finance Action Plan to become a leading global centre for green finance.
Full Text: Click Here
Consultation Paper on Proposed Guidelines on Environmental Risk Management for Insurers
MAS, 25 Jun 2020
This consultation sets out MAS' proposed Guidelines on Environmental Risk Management for all insurers. MAS is proposing to issue the Guidelines to enhance financial institutions' resilience to and management of environmental risk.
Consultation: Click Here
Consultation Paper on Proposed Guidelines on Environmental Risk Management for Asset Managers
MAS, 25 Jun 2020
This consultation sets out MAS’ proposed Guidelines on Environmental Risk Management for all fund management companies and real estate investment trust managers. MAS is proposing to issue the Guidelines to enhance financial institutions’ resilience to and management of environmental risk.
Consultation: Click Here
Consultation Paper on Proposed Guidelines on Environmental Risk Management for Banks
MAS, 25 Jun 2020
This consultation sets out MAS’ proposed Guidelines on Environmental Risk Management for all banks, merchant banks, and finance companies. MAS is proposing to issue the Guidelines to enhance financial institutions’ resilience to and management of environmental risk.
Consultation: Click Here
Singapore Makes Significant Progress in Preparing for the SOR to SORA Transition
The Association of Banks in Singapore, 29 Jun 2020
Since its formation in August 2019, the Steering Committee for SOR Transition to SORA1 (“SC-STS”) has made significant progress in front-loading the key technical preparation work required to support benchmark transition. This includes establishing key market conventions and infrastructure, enhancing industry and system readiness, and starting early public education and communication efforts. This will help lay important groundwork to facilitate banks to further drive early adoption and pilot new SORA products in the second half of 2020, with the goal of a broader base transition starting in 2021.
Full Text: Click Here
SG Americas to Pay $3.1 Million to Settle Charges of Providing Deficient Blue Sheet Data
SEC, 4 Jun 2020
The Securities and Exchange Commission today announced settled charges against broker-dealer SG Americas Securities LLC for failing to provide complete and accurate securities trading information known as "blue sheet data." SG Americas agreed to pay a $1.55 million civil penalty to resolve the SEC's charges and separately agreed to pay $1.55 million to the Financial Industry Regulatory Authority (FINRA) to resolve parallel charges.
Full Text: Click Here
Financial Regulators Modify Volcker Rule
SEC, 25 Jun 2020
Five federal regulatory agencies today finalized a rule modifying the Volcker rule’s prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as covered funds. The final rule is broadly similar to the proposed rule from January.
The Volcker rule generally prohibits banking entities from engaging in proprietary trading and from acquiring or retaining ownership interests in, sponsoring, or having certain relationships with a hedge fund or private equity fund.
Full Text: Click Here
SEC Charges Novartis AG with FCPA Violations
SEC, 25 Jun 2020
The Securities and Exchange Commission today announced that Novartis AG, a global pharmaceutical and healthcare company headquartered in Basel, Switzerland, has agreed to pay over $112 million to settle charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).
Full Text: Click Here
SEC Charges Issuer, CEO, and Lobbyist With Defrauding Investors in AML BitCoin
SEC, 25 Jun 2020
The Securities and Exchange Commission today charged NAC Foundation, its Chief Executive Officer Marcus Andrade, and political lobbyist Jack Abramoff with conducting a fraudulent, unregistered offering of AML BitCoin, a digital asset security the defendants claimed was a new and improved version of bitcoin.
Full Text: Click Here
Telegram to Return $1.2 Billion to Investors and Pay $18.5 Million Penalty to Settle SEC Charges
SEC, 25 Jun 2020
The Securities and Exchange Commission announced today that it obtained court approval of settlements with Telegram Group Inc. and its wholly owned subsidiary TON Issuer Inc. to resolve charges that Telegram's unregistered offering of digital tokens called "Grams" violated the federal securities laws. The defendants agreed to return more than $1.2 billion to investors and to pay an $18.5 million civil penalty.
Full Text: Click Here
CFTC Approves Two Final Rules and Two Proposed Rules at June 25 Open Meeting
CFTC, 25 Jun 2020
The Commodity Futures Trading Commission at its open meeting today approved two final rules, withdrew a previously proposed rule and supplemental proposal, and advanced two proposed rules on the following matters:
· Proposed Rule: Electronic Trading Risk Principles
· Withdrawal Notice: Proposed Rule and Supplemental Proposal for Regulation AT
· Proposed Rule: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (Phase VI Compliance Date Extension)
· Final Rule: Post-Trade Name Give-Up on Swap Execution Facilities
· Final Rule: Exemption from the Swap Clearing Requirement for Certain Affiliated Entities – Alternative Compliance Frameworks for Anti-Evasionary Measures (Inter-Affiliate Exemption 50.52)
Full Text: Click Here
HKEX chief: Stock Connects to widen investment options
China Daily, 24 Jun 2020
Stock Connects are unique collaborations between the Hong Kong, Shanghai and Shenzhen bourses that allow international and Chinese mainland investors to trade securities in each other's markets through the trading and clearing facilities of their home exchange.
Full Text: Click Here
Coronavirus is hastening central banks’ efforts on digital currency plans to deliver faster pandemic stimulus
SCMP, 26 Jun 2020
The coronavirus pandemic has accelerated central banks’ experiment with sovereign digital currencies, as they look to distribute stimulus money more efficiently without using cash, according to the Bank for International Settlements (BIS).
And an ongoing pilot conducted by the People’s Bank of China (PBOC), in particular, has provided many takeaways for its counterparts, Benoit Coeure, head of BIS Innovation Hub, said. Its digital yuan is being tested in pilot cities to disburse transport subsidies, and is expected to become the world’s first sovereign digital currency to go live.
Full Text: Click Here
China’s regulator gets tough on insider trading as it metes out record penalty on wrongdoers in the financial markets
SCMP, 25 Jun 2020
Shanghai entrepreneur and his daughter were slapped with a record fine and had their ill-gotten gains confiscated, in a penalty valued at 3.6 billion yuan
The couple used their inside information to build a long position in Shanghai-listed Joincare Pharmaceutical Group ahead of the company’s disclosure of a stake sale to units controlled by two of China’s best known investors
Full Text: Click Here
