Capital / Liquidity

FSC Korea Extends Easier Liquidity Requirement for Banks

26/08/2020

The lower liquidity coverage ratio was scheduled to end in September, but the FSC has decided to extend the relaxed requirements until end-March.

AML / KYC

ASIC Ends Years-old Probe into CBA’s AML Breaches

26/08/2020

ASIC will not be pursuing further enforcement action against Commonwealth Bank for the AML breaches that in 2018 resulted in a A$700mn settlement with AUSTRAC.

ESG / Sustainability

Taiwan FSC Releases Corporate Governance, Sustainability Roadmap

26/08/2020

From 2024, all financial firms and listed companies with paid-in capital over $340mn will be required to have at least one-third of their boards made up of independent directors.

Securities / Derivatives

Philippines Issues Rules on New Investment Vehicle for Corporate Debt

26/08/2020

Corporate Debt Vehicles can issue securities to invest in bonds, notes or commercial papers issued by large corporations and medium-sized enterprises.

Securities / Derivatives

ASIC Allows ‘Frozen Funds’ to Pay Out Hardship Relief to Members

26/08/2020

The hardship relief will make it easier for responsible entities of frozen funds to enable withdrawals by investors suffering hardship, says ASIC’s Karen Chester.

AML / KYC

US Sanctions Chinese Individuals, Entities Over South China Sea

26/08/2020

The US accuses one Chinese state-owned enterprise of engaging in “corruption, predatory financing, environmental destruction, and other abuses across the world.”

Enforcement

Singapore CEO Fined Over ‘Interested Person’ Transactions

26/08/2020

Under the Securities and Futures Act, mainboard companies must immediately announce interested person transactions worth over 3% of tangible assets.

Fintech / Regtech

New P2P Lending Legislation Takes Effect in Korea

26/08/2020

Under the law, P2P lenders must meet new capital requirements and be registered with the FSC. Consumer protection is also enhanced.

Enforcement

SFC Imposes Lifetime Ban on Former China Citic Bank Employee

26/08/2020

The former relationship manager is said to have falsely represented to customers that an additional fee was needed to open an account with CITIC – which he then pocketed.