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.
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.
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