Enforcement

ASIC to Target Short Term Credit Industry With New Powers

10/07/2019

Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC’s proposed first use of its new product intervention power.

Enforcement

Chinese Payments Provider Caught Embezzling Funds – Report

10/07/2019

China-based UCF Pay, a subsidiary of Hong Kong-listed Chong Sing Holdings, reportedly used client funds for other purposes, causing a shortfall of ¥240mn.

Capital / Liquidity

APRA Raises Capital Requirements for Big Banks

10/07/2019

The big four banks will need to raise A$50bn to meet higher loss-absorbing capacity requirements by 2024, though the increase is less than was proposed last November.

Capital / Liquidity

Korea FSS Warns Banks of Liquidity Risk at China Units

10/07/2019

KB Kookmin and KEB Hana have three months to submit plans for reducing their China corporate bodies’ reliance on support from their Korean parents.

Crypto / Digital Assets

Singapore Proposes GST Exemption for Digital Token Payments

09/07/2019

Transactions involving digital tokens or cryptocurrencies that function or are intended to function as a medium of exchange will be exempt from GST.

Enforcement

Punjab National Bank Detects $550mn Fraud by Indian Steelmaker

09/07/2019

Punjab National Bank says Bhushan Power & Steel misappropriated bank funds and manipulated its books to raise funds from lenders.

Enforcement

ICBC Shanghai Branch Deputy Under Investigation – Report

09/07/2019

Regulators have reportedly found ICBC’s Shanghai branch deputy head to be in violation of regulations related to fundraising and buying wealth management products.

Securities / Derivatives

SFC Strengthens Protections for Client Assets Held by AIs

09/07/2019

Intermediaries and AIs must sign an acknowledgement letter making clear that assets held in designated client asset accounts are protected from recourse.

Enforcement

PBOC Suspends Traders for ‘Abnormal’ Overnight Repo Transactions

09/07/2019

The trades involved overnight bond repo transactions in the interbank market at prices below normal market rates.