Enforcement

ASIC Charges Former MP with Fraud, Director Breaches

20/07/2020

Former MP Clive Palmer is said to have used his mining company to channel over A$12.1 million into his political party’s 2013 election campaign.

AML / KYC

China: Regulators Seize Nine FIs Linked to Tomorrow Group

20/07/2020

The CBIRC has seized control of four insurance companies and two trust companies, while the CSRC has taken over two securities firms and one futures brokerage.

Securities / Derivatives

Korea Launches Bond-Buying, Asset-Buying SPVs

19/07/2020

Korea Development Bank is operating an SPV to buy low-rated corporate debt. KAMCO is separately being deployed to buy up corporate assets at fair prices.

Market Infrastructure

China to Connect Interbank, Exchange Traded Bond Markets

19/07/2020

Qualified investors will be able to buy and sell tradable bonds in either of the two markets through a single nominee account, subject to meeting investor suitability requirements.

Market Infrastructure

G20 Officials Pledge Further Support to Global Economy

19/07/2020

The G20 officials have pledged to continue using all available policy tools to help support the global economy and enhance the resilience of the financial system.

AML / KYC

Westpac Unveils Change Programme to Fix Risk Culture

19/07/2020

Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.

Market Infrastructure

Hong Kong Regulators Offer Assurances on National Security Law

19/07/2020

Financial Secretary Paul Chan has asked Hong Kong financial regulators to explain to their stakeholders that the national security law will not harm their operations.

Enforcement

ESMA Opens Probe Into Germany’s Wirecard Response

19/07/2020

ESMA’s fast track assessment will focus on whether BaFin and accounting watchdog FREP properly applied European guidelines on enforcing the reporting of financial information.

Capital / Liquidity

Indonesia Gives Deposit Insurer Powers to Prevent Bank Failures

19/07/2020

The Indonesia Deposit Insurance Corporation can now raise its own funding and provide temporary liquidity support to banks outside of resolution.