Enforcement

Taiwan: FSC Fines Four Banks, Two Insurers $700,000

20/05/2020

The Taiwan branch of Cardif Assurance Vie was fined for collaborating with banks to get clients to borrow money against old policies to buy new insurance products.

Market Infrastructure

S. Korea Set to Implement Asia Region Funds Passport

20/05/2020

Korea will join Japan, Thailand, Australia and New Zealand in implementing ARFP on 27 May, paving the way for cross-border sales of eligible publicly offered local funds.

MAS Guidance for Safe Reopening of FIs’ Client-Facing Locations

20/05/2020

FIs will be allowed to reopen more customer service locations from 2 June. MAS will take action against FIs that fail to comply with safe management requirements.

Enforcement

SFC Fines Convoy Asset Management Over Bond Sales

20/05/2020

The firm failed to comply with product due diligence requirements, client suitability obligations and specific guidance on the sale of fixed income products.

AML / KYC

Cambodia Approves Draft Laws to Curb Money Laundering

20/05/2020

The draft bills were reportedly motivated by Cambodia’s placement on the FATF’s ‘grey-list’ last year, which impacts foreign investment and the economy.

Capital / Liquidity

Woori to Seek FSS Approval to Use IRB Approach

20/05/2020

Higher expected capital adequacy under the internal ratings-based approach for calculating risk-weighted assets will help to fuel M&A activity at the bank.

Enforcement

New Listing Rules at Nasdaq to Impede Chinese IPOs – Reports

19/05/2020

Nasdaq will put a minimum $25mn value on the size of IPOs, making it harder for some Chinese firms to pursue a listing. A delisting notice has been filed against Luckin Coffee.

Capital / Liquidity

APRA Grants Internal Modelling Banks Relief on Market Risk Capital

19/05/2020

APRA will allow internal modelling banks to disregard back-testing exceptions that occurred in March and April when determining capital requirements for market risk.

Securities / Derivatives

HSI Operator to Allow Dual Class Shares as Index Constituents

19/05/2020

WVR and secondary-listed companies from the Mainland will be eligible for including in the HSI and HSCEI. H-share companies with unlisted share capital will also be eligible.