Enforcement

India Proposes to Decriminalise Bounced Cheques

15/06/2020

Currently in India, bounced cheques can carry a jail sentence of up to two years and a fine up to twice the value of the cheque, or both.

AML / KYC

Bank of Papua New Guinea Eyes KYC Utility

15/06/2020

A KYC utility will reportedly be introduced next year as a joint project between Pacific Island countries – Samoa, Tonga, Vanuatu, Fiji, Solomon Islands and PNG.

Securities / Derivatives

Shanghai Bourse Lists First ETF Tracking French Stocks

15/06/2020

The listing of the new ETF represents the culmination of the SSE’s capital markets cooperation with Euronext, following an MOU signed in October 2018.

AML / KYC

PBOC to Regulate Large Cash Transactions in 2yr Pilot Programme

15/06/2020

Hebei, Zhejiang and Shenzhen will participate in a two-year pilot programme where large cash transactions beyond a fixed threshold will have to be registered.

Market Infrastructure

RBI Reassesses Ownership, Control, Governance at Private Sector Banks

15/06/2020

The RBI has released a discussion paper proposing reforms to improve bank governance, and has formed a working group to review rules on private sector bank ownership and control.

Securities / Derivatives

China Finalises New IPO Rules Shenzhen’s ChiNext Board

15/06/2020

Under the new market-based IPO pricing system, companies seeking a ChiNext listing will have to abide by stricter information disclosure rules, but will no longer require CSRC approval.

Securities / Derivatives

S. Korea Unveils New Corporate Asset Purchase Programme

15/06/2020

KAMCO, a state-run distressed asset manager which was deployed during the 1997 financial crisis, will set up a special purpose vehicle to buy up corporate assets for fair market prices.

Fintech / Regtech

FSC Korea Outlines Key Policy Tasks for H2 2020

14/06/2020

The measures include continued support for businesses and individuals, with some focus being diverted back to pre-Covid policy work to support innovation and data-driven initiatives.

Market Infrastructure

EC Proposes Simplified Approach to Supervising Non-EU CCPs

14/06/2020

Under the new approach, third-country CCPs that are not deemed systemically important will only be subject to basic ESMA supervision, relying on ‘comparable compliance’.