China banking regulator finds financial firms' violations
The Standard, 15 Jul 2020
The China Banking and Insurance Regulatory Commission has
found problems, including violations of the new asset management rules during
inspections and urged all banks and insurers to rectify the problems exposed,
the commission said in an online statement.
Full Text: Click Here
Strengthening Capital Markets Intermediaries’ Oversight
over AML/CFT Outsourcing Arrangements
MAS, 15 Jul 2020
While this paper is premised on the inspections of CMIs, the
takeaways are applicable and relevant to other types of financial institutions
(“FIs”), with the appropriate calibrations. All FIs should therefore
incorporate learning points from this guidance paper. FIs should also note that
the findings and examples highlighted in this paper are non-exhaustive, and FIs
should continue to implement appropriate AML/CFT controls that are commensurate
with the nature and complexity of their business.
Full Text: Click Here;
White Paper: Click Here
ESMA Promotes Consistent Application of Prospectus Disclosure
Requirements
ESMA, 15 Jul 2020
The Guidelines will help those responsible for the
prospectus to assess which disclosure is required and to promote consistency
across the EU in how the annexes to the Delegated Regulation are applied.
The Guidelines aim to support competent authorities in
properly assessing the completeness, comprehensibility and consistency of
information in prospectuses.
Full Text: Click Here;
Guideline: Click Here
Cayman Islands Government Statement on Beneficial
Ownership
Ministry of Financial Services Cayman Islands
Government, 15 Jul 2020
In accordance with 9 October 2019 statement that responded
to the UK’s position on public registers in the OTs, Cayman has significantly
strengthened and enhanced our beneficial ownership (BO) regime. The powers of
the BO Competent Authority have been enhanced to verify beneficial ownership
information, request additional information, and introduce penalties for
non-compliance. The verification done by the BO Competent Authority further
augments the quality assurance measures taken by the jurisdiction as BO data is
initially verified by trust and company service providers.
Full Text: Click Here
