AML / KYC

ACRA Implements Requirements to Disclose Nominees, Controllers

08/10/2022

Local and foreign companies are required to maintain a register of nominee shareholders, and lodge information on their controllers with ACRA.

Enforcement

New Zealand: Conduct Issues Result in Remediation Worth NZ$150m

08/10/2022

Conduct issues in the life insurance and banking sectors resulted in over NZD 43 million and NZD 109 million in customer remediation, respectively.

Securities / Derivatives

IMF Calls on Policymakers to Address Fund Redemption Risks

08/10/2022

Policymakers should provide guidance on how open-ended funds should calibrate swing pricing and similar tools, and monitor their implementation.

ESG / Sustainability

US FSOC Establishes New Advisory Committee on Climate Risk

08/10/2022

The committee will help the FSOC gather information, conduct analysis, and make recommendations to address climate-related financial risks.

APRA Asks Super Trustees to Improve Outsourcing Arrangements

08/10/2022

APRA expects all trustees to evaluate and improve their processes for selecting, monitoring and overseeing outsourcing arrangements.

Malaysia Establishes New Council to Drive Islamic Finance

07/10/2022

BNM and the SC said the newly established MIFC Leadership Council will cement Malaysia’s proposition as a leading hub for Islamic finance.

Enforcement

HK Court Orders Founder to Buy Shares from Wronged Investors

07/10/2022

The order is the first made to require a listed company executive to buy shares held by other investors “at a price to be determined by the court”.

Korea Launches New Debt Adjustment Programme

07/10/2022

The programme will cater to pandemic-hit micro-enterprises and self-employed business owners. A mortgage loan conversion programme has also been expanded.

Securities / Derivatives

China Offers Tax Breaks to Private Pension Participants

07/10/2022

The move is expected to incentivise more FIs to participate in the private pension scheme and improve their products and services to gain market share.