Fraud, Scams & Cybercrime

Australia: Budget Measures Provide Boost to Scam Prevention

30/10/2022

The budget also includes funding for APRA and ASIC to increase their staff numbers, an independent review of the carbon market, and the introduction of climate reporting standards.

Conduct, Culture & Accountability

US SEC Finalises Clawback Rule on Erroneously Paid Compensation

30/10/2022

The rule will require issuers to develop and implement a clawback policy for compensation that was erroneously awarded based on incorrect financial statements.

Structural Regulation

China Eases Foreign Investment Access With New Catalogue, Incentives

30/10/2022

The catalogue lists 519 sectors in which foreign investment are encouraged. Measures to facilitate foreign investment and attract foreign talent were also announced.

Credit Risk

Hong Kong to Tighten Lending Rate Caps from 30 December

29/10/2022

Banks should start notifying customers of the new interest rate limits as soon as practicable and not later than 14 November.

Anti-Bribery & Corruption

Top Prosecutor Arrests Former China Merchants Bank President

29/10/2022

The arrest followed the completion of an investigation into allegations of bribery, abuse of power, and trading on nonpublic information.

Reporting & Disclosures

ASIC Issues First Penalty Over Greenwashing Concerns

29/10/2022

ASIC said Tlou Energy made “false or misleading sustainability-related statements” in materials filed with ASX about its energy production.

Reporting & Disclosures

Singapore to Host Platform to Unify Carbon Market Registry Data

29/10/2022

Climate Action Data Trust, or CAD Trust, will link, aggregate and harmonise all major carbon market registry data, and help with reporting under Article 6 of the Paris Agreement.

Structural Regulation

China Proposes Rules to Improve Disclosures by Accounting Firms

29/10/2022

The rules are aimed at helping market entities understand the professional competence of individual firms so they can choose their auditor.

Anti-Money Laundering

Wolfsberg Group Updates Guidance on Correspondent Banking

28/10/2022

The updated Financial Crime Principles for Correspondent Banking includes guidance on what respondent banks may face when seeking a correspondent banking relationship.