Enforcement

China FX Regulator Fines Ten Banks for Violations

04/10/2022

China Development Bank was handed the largest penalty, amounting to CNY 42.7 million. The other nine banks were fined a combined CNY 6.6 million.

Securities / Derivatives

HKSCC Calls for Applicants to Become Authorised Brokers

04/10/2022

Authorised brokers will deal in securities on HKSCC’s behalf. Up to 10 participants will be appointed and expected to start providing services tentatively in Q3 2023.

ESG / Sustainability

TWSE Issues Governance Guidance for Listed Company Directors

04/10/2022

The guidance provides a reference for how independent directors should be selected, how they should perform their duties, and their role in audit committees.

Securities / Derivatives

SEBI to Amend IPO Framework, Introduce Bond Platform Rules

04/10/2022

At its board meeting, SEBI also decided to allow net settlement between the cash and derivatives segments, which will enable netting benefits and reduce margins.

China: Banks Directed to Boost Movable Asset-Based Financing

04/10/2022

New regulatory guidance calls on banks to offer businesses movable property- and rights-based financing, and to expand the types of collateral they accept for loans.

Fintech / Regtech

ISDA Nears Completion of Work to Digitise CFTC Reporting Rules

04/10/2022

ISDA working groups are transforming CFTC swap data reporting rules into machine-executable code ahead of implementation on 5 December.

AML / KYC

Australian Regulators Propose Measures to Address De-Banking

04/10/2022

A CFR policy paper provides four recommendations to address de‑banking of fintechs, crypto exchanges and remittance firms.

Crypto / Digital Assets

US SEC Fines Celebrity Kim Kardashian for Promoting Crypto

04/10/2022

Kardashian failed to disclose the compensation she received to promote EMAX tokens on Instagram. The case is a warning to other celebrities and influencers.

Market Infrastructure

ESMA Recognises Shanghai Clearing House as Third-country CCP

04/10/2022

The recognition follows the adoption of a decision on the equivalence of China’s regulatory framework for CCPs with EMIR requirements in June.