Resolution & Recovery

China: Two Liaoning Bank Enter into Bankruptcy Proceedings

30/08/2022

Liaoning authorities say that the two banks violated laws and regulations, disrupted local financial order, and brought about “serious risks”.

Cryptocurrency

Japan Considers Relaxation of Crypto Taxation Policies

30/08/2022

Authorities are considering a system under which crypto asset issuers would only be taxed when profits are generated, and not based on unrealised gains.

Cryptocurrency

BOK Calls for Reversal of ICO Ban in Korea

30/08/2022

BOK says the ban has resulted in domestic companies turning overseas to issue new crypto assets, which are then listed on Korean crypto exchanges.

Credit Risk

Financial Stability Institute Publishes Paper on LEX Standard

30/08/2022

The large exposures standard seeks to monitor and limit the loss an internationally active bank can face from a single client or a group of connected counterparties.

Fraud, Scams & Cybercrime

Philippine Banks, Telecom Partner to Combat Cybercrime, Fraud

30/08/2022

BAP member banks and Globe Telecom will share data and intelligence to help counter cybercrime and fraud threats.

Market Abuse

Korean Regulators Start Short-selling Inspections at Foreign Firms

30/08/2022

The FSS has launched an inspection of Morgan Stanley’s short-selling practices. Similar inspections at BAML and Goldman Sachs will come next.

Cryptocurrency

UnionBank Becomes First Philippine Bank to Enable Crypto Trading

30/08/2022

UnionBank has also been exploring other uses of blockchain technology, as it seeks to future-proof its business and expand its metaverse footprint.

Market Data & Technology

APRA Relaxes Phase 2 Timelines of Superannuation Data Project

29/08/2022

The overall consultation timeline for Phase 2 of the Superannuation Data Transformation project is being extended from 9 months to 14 months.

Structural Regulation

New Zealand FMA Sets Out Priorities in New Corporate Plan

29/08/2022

The FMA will prioritise work on three new legislative regimes: financial advice licensing, climate-related disclosures, and conduct licensing.