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South Korea Proposes Higher Penalties and Enhanced Corporate Governance Requirements
Investors failing to abide by report significant holdings in public securities will be subject to greater fines, firms issuing private convertible bonds (CBs) or bonds with warrants (BWs) will be required to file material disclosures earlier, and newly listed companies will have submit additional financials to the market.
China to Investigate Banking Regulators and Stock Exchanges for First Time in Years
China’s Communist Party leadership has launched a round of inspections of the country’s banking regulators, stock exchanges, the biggest state-owned banks, as well as bad-debt managers for the first time in several years.
CBIRC Updates Bank Ratings Guidelines
The China Banking and Insurance Regulatory Commission (CBIRC) has issued updated measures governing the supervisory ratings of commercial banks. The measures consist of five chapters and 27 articles, including general provisions, ratings elements and rating methods, rating procedures, guidance on the application of rating results, and by-laws, which regulate the supervisory rating of banking institutions in general.
Central Banks Agree to Develop Guidelines on Climate Risk Related Financial Disclosures
The world’s leading central banks have agreed to develop guidelines on climate risk related financial disclosures and intensify their efforts to tackle and address risks at a global level.
International Consultation on Margin Calls
Key global standard setters, the Basel Committee on Banking Supervision, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions are inviting comments on a new joint consultative report.
Chinese Online Mediation and Litigation Rules Extend to Banking and Insurance Sector
China’s China Banking and Insurance Regulatory Commission (CBIRC) and the Supreme People’s Court have launched an online litigation and docking system to handle a growing number of banking and insurance industry disputes.
Further MAS Consultation on FI Business Continuity Resilience
The Monetary Authority of Singapore has issued a second consultation on proposed revisions to its Guidelines on Business Continuity Management aimed at encouraging financial institutions to take an end-to-end view to ensure the continuous delivery of critical business services.
New BIS Asian Green Bond Fund
The opportunities for Asian central banks to invest in green environmental projects in Asia will be expanded vastly from January 2022 with the launch of a Bank for International Settlements (BIS) Asian Green Bond Fund.
China Introduces New Rules to Prevent Major Shareholder Abuse of Position
Major shareholders in China will be prevented from improperly interfering with the operation of banking and insurance institutions by using other licensed institutions to agitate for them at shareholder meetings.
Singapore and Malaysia to Phase in Interbank Consumer Payments
Consumers in Singapore and Malaysia are expected to soon be able to make inter-bank payments between the two countries using their mobile phone numbers.
South Korea to Reform Asset-Backed Securities Issuances
South Korea is further opening up its asset-backed securities market, abolishing the requirement for issuance to be restricted to companies with a credit rating of BB or higher.
McKinsey Partner Charged With Insider Trading Over Fintech Deal
A partner at global management consulting firm McKinsey Consulting has been charged with insider trading over allegedly buying call options in a fintech startup company after learning it would be acquired by Goldman Sachs.
New AML/CFT Risk Assessment Guidelines Come into Effect in Hong Kong for Financial Institution
Financial institutions operating in Hong Kong are subject to new AML/CFT risk assessment guidelines when dealing with customers under updated rules that have come into effect.
Singapore’s MAS and Financial Industry to Use New Digital Platform to Fight Money Laundering
Financial institutions in Singapore would be required to share with other market participants key information on customers and transactions to prevent money laundering and terrorism, under newly unveiled proposals.
UK FCA Proposes to Open Investment Opportunities in Longer-Term Assets
Market opportunities could be opened for investors including Defined Contribution (DC) pension schemes to invest in a range of longer-term liquid assets, under a series of proposals released by the UK Financial Conduct Authority.
Qualified Foreign Investors to Have Access to China's Derivatives Market
Institutional investors are now able to invest in Chinese commodity futures, commodity options, and stock index options under a further expansion of investment options available under China’s Qualified Foreign Investor (QFI) programme. The addition of these categories from 1 November 2021 is an effort by Chinese regulators to broaden the attractiveness of the scheme.
Hong Kong SPACs Open Only to Professional Investors: Proposed Rules
The rules for listings of Special Purposes Acquisition Companies (SPACs) in Hong Kong would be more stringent than in the US and open only to professional investors under draft rules released by the Hong Kong Stock Exchange.
China Unveils Listing Rules for Proposed new SME Beijing Stock Exchange
The China Securities Regulatory Commission has unveiled rules for the creation of the new Beijing Stock Exchange aimed at supporting innovative small- and medium-sized enterprises (SMEs). Announced last month, the new exchange will complement Shanghai’s existing Sci-Tech Innovation Board (STAR) market and Shenzhen’s start-up board ChiNext.
New Retail Investing Rules Come into Effect in South Korea
New rules restricting private equity forms (PEFs) from issuing loans have come into effect in South Korea. From 21 October, only PEFs with institutional investor clients that have appropriate risk management capabilities can offer loans, with fund management firms now required to have internal control measures.
Global Standards Body Urges Regulators to Step Up Scrutiny of Virtual Asset Service Providers
Financial regulators and supervisors should review their oversight of virtual assets (VA) and virtual asset service providers (VASP), impressing that they should step up their scrutiny over the risk of money laundering.