Structural Regulation

Chinese, US Authorities Working to Resolve Audit Issues

28/11/2021

CSRC director-general Shen Bing said authorities are “working very hard” to prevent Chinese companies being delisted from US exchanges.

Structural Regulation

Hong Kong FRC to Increase Public Disclosures on Investigations

28/11/2021

The Financial Reporting Council will increasingly disclose its investigations when cases involve high public interest.

Fraud, Scams & Cybercrime

ASIC Sues ANZ Over Home Loan Introducer Programme

27/11/2021

ASIC says ANZ breached credit laws by accepting customer information and documents from unlicensed individuals, some of which was fraudulent.

Conduct, Culture & Accountability

Korea FSS Asks Brokers to Prioritise Consumer Protection

26/11/2021

The FSS is reviewing a decision to penalise nine market-makers, taking into account “self-correcting measures” by individual firms.

Structural Regulation

ACCC Approves NAB Acquisition of Citi Consumer Business

26/11/2021

In its review, which focused on competition in the supply of credit cards, the ACCC found that the transaction “would not substantially lessen competition”.

Cryptocurrency

US Regulators Pledge to Provide Clarity on Crypto Next Year

26/11/2021

The Fed, OCC and FDIC plan to provide clarity on whether certain crypto-related activities conducted by banks are “legally permissible”.

Cryptocurrency

FSC Korea Seeks to Criminalise Crypto Market Manipulation

26/11/2021

Those who obtain unfair profits from crypto trading would face at least one year in prison and at least three times the amount gained in fines.

Resolution & Recovery

RBI Proposes Scheme to Rescue PMC Bank Depositors

25/11/2021

PMC Bank will be merged into Unity Small Finance Bank, which was set up on 1 November by financial services conglomerate Centrum Group and fintech firm Bharatpe.

KYC & CDD

MAS Proposes Amendments to the Business Trusts Act

25/11/2021

Business trusts will have to obtain and maintain information on beneficial ownership and disclose their CEOs’ interests in transactions.