Securities / Derivatives

APRA Completes Superannuation Data Transformation Phase One

25/03/2021

Most of the new data will be submitted from September 2021, however trustees will be allowed to defer submission of some less critical data for one year.

Enforcement

CBIRC Fines Citic Bank for Failure to Protect Customer Data

25/03/2021

The penalty is likely related to a complaint by a popular comedian that Citic Bank leaked his personal data on the Internet.

ESG / Sustainability

ICMA Calls for ESG Metrics, Standards for Securitised Assets

25/03/2021

Unless ABS investors have better access to standardised and relevant data, they will be unable to appraise ESG risks and satisfy sustainability objectives.

Securities / Derivatives

CSRC Issues Revised Disclosure Rules for Listed Companies

25/03/2021

The new rules introduce additional safeguards against insider trading and improve the timing of disclosure of major events.

Enforcement

CSRC Bans Haitong Securities from Advisory Work for One Year

25/03/2021

The CSRC said Haitong did not effectively control risk in its bond business dealings, which resulted in Yongcheng Coal’s CNY 1 billion default.

Securities / Derivatives

US SEC Consults on ‘Holding Foreign Companies Accountable’ Rules

25/03/2021

The SEC is seeking public comments on its process for identifying companies that fail to meet the new standards, as well as submission and disclosure requirements.

Fintech / Regtech

Internet-only LINE Bank Commences Trial Operations in Taiwan

25/03/2021

Only LINE Bank employees will participate in the trial operations. Depending on the results, full operations could commence by late April.

Enforcement

SFC Fines GEO Securities for Breaching Licence Conditions

25/03/2021

The firm also did not have effective controls in place for product due diligence, client risk tolerance assessment, and record-keeping.

Market Infrastructure

PBOC, SWIFT to Establish Cross-border Payment Stability

25/03/2021

The PBOC’s joint venture with SWIFT will build a localised messaging network to provide Chinese FIs with a more stable connection to the main SWIFT network.