Securities / Derivatives

CSRC Publishes Classification Results for Securities Firms

27/08/2020

The classification reflects securities firms’ governance structures, risk management capabilities, continuous compliance status, and business development status.

Securities / Derivatives

CSRC Offers to Allow PCAOB to Inspect State-owned Entities – Report

27/08/2020

The CSRC proposes to allow the PCAOB to choose any Chinese state-owned enterprises for trial inspections, though information related to national security would be redacted.

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.