Capital / Liquidity

State Council Authorises Local Governments to Fund Small Banks

05/07/2020

China’s State Council has reportedly agreed to allow local governments to purchase convertible bonds issued by certain small and midsize banks.

AML / KYC

Global Banks Seek Clarity on ‘Hong Kong Autonomy Act’

05/07/2020

Under the legislation, banks can be penalised for conducting a ‘significant transaction’ with Chinese individuals or entities named as having contributed to the erosion of Hong Kong’s autonomy.

Securities / Derivatives

BSP On Course to Issue Central Bank Securities in Q3

05/07/2020

February 2019 amendments to the Central Bank Act restored the BSP’s authority to issue debt paper as part of its regular operations to manage liquidity and monetary policy.

AML / KYC

Singapore Authorities Probe Two Companies with Wirecard Links

04/07/2020

Citadelle Corporate Services is said to have handled Wirecard monies without a trust business licence. Senjo Group is said to have falsified accounts.

AML / KYC

Taiwan Financial Firms Call for KYC Rule Changes

04/07/2020

Taiwanese financial firms are asking the FSC to allow identity authentication methods other than the unwieldy government-issued Citizen Digital Certificates.

Enforcement

CBIRC Strengthens Administrative Procedures for Penalising Illegal Acts

04/07/2020

The maximum administrative penalties for illegal acts are effectively increased to ¥5mn for banking institutions and ¥500,000 for banking industry personnel.

Securities / Derivatives

SFC Asks HKEX to Raise Guard Against Conflicts of Interest

04/07/2020

The SFC says Listing Department personnel should not attend business meetings with prospective listing applicants, and HKEX should further reinforce ‘Chinese Walls’.

RBI Asks Banks, NBFCs to Adopt New Classification Norms for MSMEs

03/07/2020

Banks and NBFCs have to classify enterprises as micro, small or medium based on new thresholds for turnover and investment in plant and machinery or equipment.

Fintech / Regtech

South Korea Enhances Credit Database in Open Data Push

03/07/2020

Korea’s CreDB system will be enhanced with additional datasets and increased server capacity to support deep learning and other types of AI-based data analysis.