Market Infrastructure

Singapore, Shanghai Bolster Collaboration in Finance, Innovation

22/12/2021

A public private sector workgroup was established by MAS and the Shanghai Municipal Financial Regulatory Bureau to deepen bilateral financial cooperation and connectivity.

CBIRC Asks Banks, Insurers to Finance Technology Innovation

22/12/2021

The CBIRC says it actively supports direct and indirect financing of tech enterprises, on the premise of “controllable risks and compliance with laws and regulations”.

Enforcement

CBIRC Details Consumer Rights Infringements by Huaxia Bank

21/12/2021

The bank used credit card contracts to “force” customers to accept cross-selling, which infringes on consumers’ right to fair transactions, the CBIRC said.

Taiwan FSC Directs Banks to Enhance Wealth Management Controls

21/12/2021

The FSC found deficiencies in banks’ implementation of internal controls to prevent misappropriation of client funds by wealth management specialists.

Capital / Liquidity

CBIRC Enhances Rules for Insurance Groups to Prevent Risk

20/12/2021

The revised rules seek to align the domestic framework with IAIS standards, while also addressing corporate governance and risk management issues.

Securities / Derivatives

PBOC, SAFE Issues New Rules for Panda Bond Issuance

17/12/2021

The rules do not impose restrictions on funds retained in China or transferred overseas, though they encourage the domestic use of RMB funds raised.

China Directs Accounting Firms to Improve Governance, Audit Quality

16/12/2021

Accounting firms are asked to conduct their annual self-evaluation and reviews using a new ‘evaluation index system’, and submit self-assessment reports by 31 May each year.

Market Infrastructure

SAFE Issues Conduct Guidelines for Foreign Exchange Market

14/12/2021

The guidelines require market participants to process customer transactions in a “fair, transparent and honest” manner and guard against conflicts of interest.

AML / KYC

CSRC to Enhance Account Management in Securities Industry

13/12/2021

A pilot project has been initiated with 10 securities firms to optimise their account management functions and ensure the safety of customer funds.