Enforcement

CSRC Imposes Record Penalty in Insider Trading Case

26/06/2020

A Shanghai entrepreneur and his daughter were penalised a total 3.6bn yuan, representing a record fine and confiscation of illegal gains.

Fintech / Regtech

Ping An OneConnect Bank to Pilot Virtual Banking Services

26/06/2020

Ping An OneConnect Bank is inviting 200 SMEs and 2,000 retail customers to pilot test its virtual banking services in the HKMA’s sandbox.

Fintech / Regtech

IOSCO Drafts Guidance on Supervising AI/ML in Financial Markets

25/06/2020

IOSCO proposes six measures to assist members in creating appropriate regulatory frameworks to supervise market intermediaries and asset managers that use AI and ML.

Enforcement

S. Korean Prosecutors Raid Fund Operator on Fraud Allegations

25/06/2020

Accused of fabricating depository statements, Optimus Asset Management has suspended withdrawals from six feeder funds since last week, locking up 90bn won in investor money.

ESG / Sustainability

NGFS Publishes Scenarios for Climate Risk Assessments

25/06/2020

The publications on reference scenarios and monetary policy will allow NGFS members and the FIs they supervise to better identify, quantify and mitigate climate risks in the financial system.

Capital / Liquidity

Bangladesh Cuts Cash Reserve Ratio for OBUs, NBFIs

25/06/2020

The amount of cash reserves offshore banking units and NBFIs need to maintain at the central bank has been reduced.

Market Infrastructure

Low-income Nations Make Progress on Sustainable Finance: SBN

25/06/2020

A study from the Sustainable Banking Network finds that sustainable finance has emerged as a pathway for low-income countries to de-risk investments and enable financial flows.

Fintech / Regtech

FMSB Issues Statement of Good Practice on Algo Trading

25/06/2020

The FICC Markets Standards Board sets out 10 Good Practice Statements for market participants and venue operators engaged in algorithmic trading in a new transparency draft.

Securities / Derivatives

HKMA, SFC Publish Final List of FSPs Under Clearing Obligation

25/06/2020

The HKMA and SFC will remove one entity that no longer conducts OTC derivatives business as its institutional services are now being provided by BofA Securities Inc, a new FSP.