Korea: KDB Can Intervene in Bailed-out Companies to Prevent Value Loss

10/05/2020

Under the latest revisions, Korea Development Bank may exercise its voting rights in bailed-out companies for decisions that may impact shareholder value or when restructuring is required.

AML / KYC

Singapore Police Raid ZenRock Following HSBC Allegations of Fraud

10/05/2020

Singapore’s High Court has reportedly appointed KPMG executives as interim judicial managers to oversee a transition to new management at ZenRock Commodities, an oil trading firm.

Enforcement

PBOC Issues Record Penalty Against Payments Firm

09/05/2020

Allscore Payment Service was also found to have providing services for illegal gambling websites, embezzled customer funds and misappropriated reserve funds.

Securities / Derivatives

India: Gift City Exchanges Launch First Rupee Derivatives

09/05/2020

Rupee futures and options will offer overseas market participants new onshore tools to hedge their India exposures, reducing their reliance on offshore currency markets.

Securities / Derivatives

SEBI Defends Rules Limiting Mutual Fund Investment in Unlisted Debt

09/05/2020

SEBI was responding to recent comments by Franklin Templeton’s president, which appeared to in part blame the rules for the closure of six India funds.

Market Infrastructure

Australia Defers All Royal Commission Commitments by Six Months

09/05/2020

In line with the Treasury’s announcement, ASIC has deferred mortgage broker reforms and the introduction of product design and distribution obligations.

Enforcement

MAS Issues Prohibition Orders Against Two Former Bank Employees

09/05/2020

A former Barclays was deceived the bank into paying $10mn from client accounts to settle his personal debts. A further $10mn in Barclays losses came from unauthorised trading.

Securities / Derivatives

Bank of China to Partially Shoulder Investors’ Crude Oil Losses

08/05/2020

The move followed a determination by the Financial Stability and Development Committee that the bank was at fault for not following investment suitability principles.

India: Banks Agree to Extend Loan Moratorium to NBFCs

08/05/2020

RBI governor Shaktikanta Das has made clear that NBFCs are eligible for the loan moratorium being extended to other borrowers.