Enforcement

Korea to Introduce Civil Penalties for Unfair Trading

20/09/2020

Currently, unfair trading activities are punishable under criminal law, but prosecutions often take a long time due to the high burden of proof required.

AML / KYC

Cambodia, China Reject US Sanctions Against Chinese SOE

20/09/2020

OFAC alleges that Chinese state-owned company Union Development Group seized land from locals for development through a corrupt Cambodian general.

AML / KYC

HKMA Issues Revised AML/CFT Guideline for SVF Licensees

20/09/2020

SVF licensees are given until 2 July 2021 to implement appropriate measures consistent with the revised guideline, which includes guidance on remote on-boarding.

Capital / Liquidity

CBIRC Raises Leverage Limits for Microfinance Companies

20/09/2020

Microfinance companies can issue standardised debts such as bonds and ABS products up to 4 times net assets, compared to 0.5 to 3 times net capital previously.

AML / KYC

FinCEN Seeks Comments on Enhancing Bank AML Effectiveness

20/09/2020

One of the proposals is to incorporate an “effective and reasonably designed” AML programme component to empower FIs to allocate resources more effectively.

Korea Enhances Emergency Loan Programme for Small Businesses

19/09/2020

Banks are instructed to take measures to ensure that their IT systems are ready for processing changes in the second round emergency loan programme.

Securities / Derivatives

Barclays to Build Out FX Trading Infrastructure in Singapore

19/09/2020

Barclays will launch an FX trading and pricing engine in Singapore by mid-2021, adding to existing platforms in New York, London and Tokyo.

Securities / Derivatives

BlackRock Launches New ETF Tracking Hang Seng Tech Index

18/09/2020

BlackRock has become the fourth firm to roll out an ETF tracking the new Hang Seng Tech Index which tracks the 30 largest tech companies listed in Hong Kong.

Securities / Derivatives

SGX to List World’s Largest Chinese Pure Government Bond ETF

17/09/2020

CSOP Asset Management’s inaugural ETF on SGX will track the performance of fixed-rate government bonds issued in China as measured by a FTSE Russell index.