Enforcement

NAFMII Penalises Bank of Beijing with Underwriting Suspension

20/07/2020

NAFMII says Bank of Beijing failed to perform due diligence and adequately monitor five bond issuances for Kangde Xin Composite Material Group, all of which defaulted in recent years.

Enforcement

Korea FSS Formally Launches Probe Into Private Funds Industry

20/07/2020

Any misconduct detected during the probe will be referred to prosecutors and follow-up efforts will be made to protect investors. The probe is expected to continue until 2023.

Market Infrastructure

Australia Extends Coronavirus SME Guarantee Scheme

20/07/2020

With the extension, the government is expanding the allowed purpose of the loans, increasing the maximum loan size and duration, and allowing secured lending and repayment holidays.

Fintech / Regtech

FSC Korea Revises Guidelines for P2P Lending Firms

20/07/2020

The key changes will strengthen disclosure rules, prohibit unfair sales activities, restrict sales of high-risk investment products, and impose limits on loans and investments.

Securities / Derivatives

CFTC Grants Certification to 23 HKFE Index Futures Contracts

20/07/2020

The 23 contracts can be offered and sold to US persons, and are among the new products being introduced as part of a ten-year licensing agreement with MSCI.

Capital / Liquidity

Beyond FRTB: Risk Management and Enterprise Data Opportunities

20/07/2020

FRTB is a significant global industry challenge, but the process to achieve its outcomes can harness value from data that can be applied throughout a bank’s operations.

Enforcement

Court Finds ex-HKMEx Head Guilty of Conspiracy to Defraud SFC

20/07/2020

The former head and CFO of now-defunct Hong Kong Mercantile Exchange conspired to hide the exchange’s true financial position and mislead the SFC into allowing it to retain its licence.

Enforcement

ASIC Charges Former MP with Fraud, Director Breaches

20/07/2020

Former MP Clive Palmer is said to have used his mining company to channel over A$12.1 million into his political party’s 2013 election campaign.

AML / KYC

China: Regulators Seize Nine FIs Linked to Tomorrow Group

20/07/2020

The CBIRC has seized control of four insurance companies and two trust companies, while the CSRC has taken over two securities firms and one futures brokerage.