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India Brings to Life Unified Regulator for IFSCs
29/04/2020
The new authority can now appoint members and employees, set up funds and apply tax exemptions, but other regulatory and supervisory powers have not yet taken effect.
Fintech / Regtech
Beijing Fintech Regulation Pilot to Expand to Six Other Cities
29/04/2020
The expanded pilot programme will seek to guide FIs and fintech firms towards exploring the use of technology to support small firms with funding difficulties.
Enforcement
Korea: FSS Confirms ‘Bad Bank’ Plan to Recover Lime Asset Losses
29/04/2020
FSS governor Yoon Suk-heun also pledged to establish a sustainable monitoring system, in light of events at Lime Asset Management and last year’s derivative product mis-selling at banks.
Securities / Derivatives
Malaysia SC Eases Rules for Issuing Convertible Notes to VC, PE Firms
28/04/2020
The flexibilities are aimed at easing the fundraising process for MSMEs as well as small and mid-cap companies, making it more cost-effective and reducing time to market.
Securities / Derivatives
CBIRC Instructs Banks to Halt Risky Crude Oil Products – Reports
28/04/2020
The verbal directions came nearly a week after an estimated $1.4bn in losses were recorded in a crude oil futures trading product sold by Bank of China.
Big Picture
Privacy Concerns, Bank Mistrust Lead to Higher Cash Use: Study
28/04/2020
The findings suggest that government policy to promote electronic payments may have to address fundamental concerns about privacy and confidence in financial institutions.
Securities / Derivatives
SGX, CITIC Securities Agree to Collaborate Across Borders
28/04/2020
SGX and CITIC Securities will collaborate on FICC, REIT, equity, debt and related derivatives markets, among other areas.
SFC, Competition Commission Agree to Cooperate, Share Information
28/04/2020
The SFC and the Competition Commission can consult each other on issues with significant implications for the other and share information where appropriate.
Enforcement
CSRC Vows Cross-border Cooperation in Luckin Fraud Case
28/04/2020
The CSRC has been communicating with US regulators, looking to deepen cross-border cooperation to combat misconduct and fraud and to protect investors.
Securities / Derivatives
Shenzhen’s ChiNext Moves Closer to Market-based IPO System
28/04/2020
The new registration-based IPO system will simplify the months or years companies typically have to wait before listing their shares.
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