Capital / Liquidity

China: Local Govts to Replenish Capital at Smaller, Midsize Banks

22/06/2020

Local governments will be allowed to buy ¥200bn in capital replenishment tools issued by small and midsize banks, with a fixed term, detailed repayment plan, and assurances on corporate governance and asset quality.

Market Infrastructure

CBIRC Allows AIA to Incorporate as Wholly-owned Subsidiary in China

22/06/2020

The new subsidiary will become the first wholly foreign-owned life insurance company approved for incorporation in mainland China.

AML / KYC

SFC Fines Guotai Junan Securities for AML and Other Breaches

22/06/2020

Guotai Junan Securities was fined for regulatory breaches in connection with AML, third party fund transfers, placing activities, and wash trade detection and reporting.

Enforcement

Australia: Banks Work Towards Swift Resolution of Advice Failures

22/06/2020

Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.

Capital / Liquidity

Taiwan Banks Have Stable Risk-bearing Capacity, Adequate Capital: FSC

22/06/2020

Taiwan’s FSC says only a few banks did not pass their stress tests, but they would have if new capital raised this year was taken into account.

Securities / Derivatives

SSE Revamps Index Methodology to Better Reflect Market Performance

22/06/2020

Index stocks with risk warnings will be removed, CDRs and STAR Market stocks will be included, and the timeframe for including newly-listed stocks will be extended.

Fintech / Regtech

Singapore: AMTD, Xiaomi Finance Launch Digital Finance Programme

22/06/2020

AMTD and Xiaomi Finance will provide S$5mn to support to enable SMU and NUS-ISS to build curriculum and teaching resources for a digital finance leadership programme.

Market Infrastructure

CSRC to Further Promote Shanghai as International Financial Centre

22/06/2020

The pace of opening up China’s capital market has further accelerated, in spite of the Covid-19 pandemic, CSRC chairman Yi Huiman said at the 12th Lujiazui Forum in Shanghai on Thursday.

Enforcement

ATO Warns of Penalties for Wrongful Early Super Withdrawal

21/06/2020

The ATO is using income tax returns and other data to ascertain whether applicants are in fact eligible. Those making false statements to meet the eligibility criteria will face penalties.