Enforcement

Hong Kong ICAC Charges Five More Individuals in Convoy Case

23/07/2019

Six individuals are now charged with conspiracy to defraud the Hong Kong stock exchange and the board of directors, shareholders and investors of Convoy.

Securities / Derivatives

China Kicks Off Trading in New SSE STAR Market

23/07/2019

The first batch of 25 stocks raised over $5.4bn and ended the day higher by an average of 140% from their IPO prices, with some rising as much as 520% during the session.

Capital / Liquidity

China Simplifies Issuance of Preferred Shares for Smaller Banks

23/07/2019

The revised guidance makes it easier for non-listed banks to replenish Tier 1 capital through the issuance of preferred shares. To date, only listed banks have issued such instruments.

Securities / Derivatives

FSB Adjusts Timelines to Implement Recommended SFT Haircuts

22/07/2019

The FSB has adjusted the implementation timelines for its framework recommendations for haircuts on certain non-centrally cleared securities financing transactions to align with Basel III.

Enforcement

China Bank Branch Head Commits Suicide Amid Corruption Probe

22/07/2019

China Development Bank’s Shandong branch head, Zhong Xiaolong, was reportedly being probed in connection with illegal loan guarantees made by the bank’s Jilin branch, where he was a former deputy head.

AML / KYC

Whistleblowers Allege SCB Cleared $57bn in Iran Transactions

22/07/2019

Whistleblowers reportedly claim that Standard Chartered Bank cleared more transactions in violation of Iran sanctions than the US government had used as its basis for fines issued in April.

Market Infrastructure

China Announces 11 Measures to Open Up Financial Sector

22/07/2019

The measures ease restrictions on foreign investment in securities firms, asset management companies, FX brokerage, insurance and pension management, among others.

AML / KYC

SET Unveils Gateway to Access National Digital ID Platform

22/07/2019

The new gateway will reduce the setup costs required to access the NDID and enable financial firms to enable full digitisation of customer onboarding more quickly.

Enforcement

HKMA Delegated Powers to Inspect Banks’ Insurance Business

22/07/2019

The Insurance Authority is delegating inspection and investigation powers to the HKMA in relation to insurance related business conducted by authorised institutions.