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.

Securities / Derivatives

India Proposes Additional GIFT City Tax Incentives

08/07/2019

Existing tax incentives have been extended to 10 years from 5 years. New exemptions for dividend distribution tax and alternate investment funds also proposed.

Capital / Liquidity

India’s 2019 Budget Grants Lifeline to State Banks, NBFCs

08/07/2019

The government announced a fresh capital infusion for state banks, credit guarantees on NBFC assets, and stronger supervisory powers for the RBI.

Securities / Derivatives

SSE STAR Market to Start Trading on 22 July

08/07/2019

The Shanghai Stock Exchange has said the first batch of listings on the new science and technology innovation board will start trading on 22 July.