Enforcement

Shanghai Police Detain Anxin Trust Controller Over Illegal Loans

12/06/2020

Police have detained Anxin Trust’s biggest shareholder for lending assets under management in trust products to friends and other associates.

Fintech / Regtech

Korea: Unauthorised Toss Payments Prompt Wider Review of Fintechs

12/06/2020

The FSS is considering conducting reviews of some 40 fintech companies after eight unauthorised transactions were detected on Viva Republica’s payments platform Toss.

Market Infrastructure

WFE Issues Guidance on CCP Handling of Non-default Losses

11/06/2020

At the ten largest CCPs, no CCP has ever allocated a loss to a clearing member related to custody or collateral investment through its rulebook, the guidance makes clear.

Securities / Derivatives

HKEX to Automate Large Open Position Reporting Process

11/06/2020

Starting in September, participants will be able to fully automate their current LOP reporting process, using the Secure File Transfer Protocol (SFTP) facility.

Big Picture

FMSB Offers Guidance on LIBOR Transition Conduct Risks

11/06/2020

Uncertainties associated with the transition may make it harder for firms to identify how to treat their customers fairly, and to demonstrate that they have done so, the FMSB says.

Securities / Derivatives

SEBI Relaxes Norms to Fast-track Further Public Offers

11/06/2020

FPOs will still be allowed to proceed if show cause notices or prosecution proceedings are still ongoing, or it securities law violations have been recently settled.

Enforcement

CBIRC Moves to Stamp Out Abuse of Cheap Loans

11/06/2020

Banks have reportedly been directed to reduce their structured deposits to January levels, as part of CBIRC efforts to stamp out abuse of cheap loans.

AML / KYC

Chinese Police Freeze 4,000 Bank Accounts in Crypto Probe

11/06/2020

Guangdong police have reportedly frozen about 4,000 bank accounts belonging to cryptocurrency traders in a crackdown on illicit activities.

Enforcement

Korea: Banks, Brokers Agree Plan to Recover Lime Asset Losses

11/06/2020

Twenty firms, including banks and brokers, will set up a new entity to manage the estimated 1.7tr won in assets frozen by Lime Asset Management since October.