The FSC's 2021 policy agenda for the financial sector will include measures to bolster risk management while also strengthening competitiveness and facilitating digital innovation.
Internal audit frameworks of select NBFCs and UCBs will have to include an evaluation of the risk management systems and control procedures used in various areas of operations.
The FSC plans to draw up a climate risk management and oversight plan for FIs by March and develop a green taxonomy within H1.
The Ministry of Public Security arrested over 75,000 suspects and shut down thousands of online gambling platforms, payment platforms and underground banks in 2020.
Australian neobank Xinja announced in December that would be exiting the market, just 15 months after receiving its licence.
The move will lead to better disclosure of ESG information in the capital market, including information related to greenhouse gas emissions.
The funding support includes additional support for small merchants, a new special lending programme, and additional funding for distressed asset manager KAMCO.
The FSC has revised the FSCMA enforcement decree as part of efforts to strengthen penalties for illegal short selling, as it prepares to lift a ban on short selling in March.
China’s financial futures and options market "far lags" market participants’ growing needs to manage their risks, said CSRC vice chairman Fang Xinghai.
The SEC said Robinhood misled customers into believing trading was commission free, while it executed customers’ orders at inferior trade prices costing them $34mn.