Fintech / Regtech

FSC Korea Moves to Support Corporate, Fintech Funding Needs

10/04/2020

Korea’s bond market stabilisation fund has begun operating. Additional support will come through a new bond underwriting programme, P-CBOs, and direct investment into fintechs.

Securities / Derivatives

SGX Marks First Listing of Dual Class Shares in Digital Ceremony

10/04/2020

AMTD International’s listing ceremony was SGX’s first to be conducted digitally with a live global broadcast. It was also the first SGX listing of a NYSE company.

Securities / Derivatives

SFC Raises Concerns with Leveraged Foreign Exchange Trading

10/04/2020

Brokers reported that more than 60% of clients who engage in leveraged foreign exchange trading made net trading losses, some in excess of HK$1mn.

AML / KYC

FSB Publishes Stage 1 Report on Enhancing Cross-Border Payments

09/04/2020

New technologies have the potential to facilitate fast, low cost, transparent and scalable payments, but should be accompanied by measures to address all relevant risks.

Enforcement

CBIRC Penalises Anxin Trust $2mn for Misappropriating Assets

09/04/2020

The misappropriation involved the transfer of assets from trust products to company shareholders, and the illegal use of assets to make payments for other products, among other purposes.

Market Infrastructure

IOSCO Redirects Work Programme to Focus on Covid-19 Impacts

09/04/2020

IOSCO resources will be redeployed to focus on matters directly impacted by Covid-19, including to examine market-based finance, investment funds and central clearing.

Fintech / Regtech

MAS Extends Assessment Period for Digital Bank Decisions

09/04/2020

Successful digital bank applicants will be informed in the second half of this year, instead of June 2020 as originally intended.

Enforcement

S. Korea: Covid-19 Loans Exempted From Misconduct Sanctions

09/04/2020

Financial services workers delivering emergency support funds to businesses in need will be exempt from misconduct sanctions.

Enforcement

UPDATED – ASIC Commences Legal Proceedings For False Advertising

09/04/2020

ASIC alleges that companies in the Mayfair 101 Group promoted debenture products to wholesale investors using phrasing that falsely implied they were comparable to bank term deposits.