Capital / Liquidity

China Issues New Rules for Distressed Asset Fund Managers

17/07/2019

Under the new rules, local AMCs must price bad assets fairly and are prohibited from setting buyback terms in acquisition contracts to help financial institutions cover up bad assets.

Securities / Derivatives

Myanmar Bourse May Open to Foreigners by Year-End

17/07/2019

Foreign investors will be allowed to hold up to a 35% stake in Myanmar-listed companies, as stipulated in the new Companies Law, which entered into force in August 2018.

Securities / Derivatives

Dhaka Bourse to Develop Tradeable Capital Market Indices

17/07/2019

The Shanghai and Shenzhen bourses, as strategic partners, will provide technical support to help the Dhaka Stock Exchange develop the new indices.

Capital / Liquidity

Allahabad Bank Reports $258mn Fraud by Indian Steelmaker

17/07/2019

Following a similar report from Punjab National Bank earlier this month, Allahabad Bank has reported a $258mn fraud at Bhushan Power & Steel.

Enforcement

Over 35,000 Complaints Received in Six Months: AFCA

17/07/2019

Over 60% of the complaints have been resolved, resulting in A$83mn in settlements. More than one-third of complaints were directed at banks.

Enforcement

Singapore Loansharking Raids Result in 129 Arrests

17/07/2019

Two suspects are believed to have directly carried out unlicensed moneylending, while 94 provided them access to bank accounts to facilitate their activities.

Crypto / Digital Assets

Leaked Draft Shows India’s Zero-Tolerance for Cryptocurrency

17/07/2019

The leaked draft bill being circulated, though unauthenticated, specifies up to 10 years’ jail for buying, selling or storing cryptocurrency in India.

Enforcement

ICBC Graft Probe Linked to Ex-CSRC Chief Liu Shiyu – Report

17/07/2019

Chinese investigators are said to be targeting Liu’s affiliates for suspicious dealings involving investments in high yield wealth management products provided by ICBC Shanghai.

Enforcement

KRX Fines Merrill Lynch for High-Frequency Trading Activities

17/07/2019

KRX found that over an eight-month period, Merrill Lynch’s Seoul branch engaged in 6,220 high-frequency trades on behalf of a foreign hedge fund.