Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
Enforcement
China ‘Techfins’ Alibaba, Tencent Fined for Forex Breaches
10/02/2018
Financial units of Alibaba and Tencent fined for offences including failure to file reports on forex payments by non-residents.
Enforcement
Credit Suisse Hong Kong Fined $5mn
10/02/2018
Regulatory breaches include failures related to segregation of client securities, reporting of transaction, noncompliance with short selling requirements, unsuitability of investment products sold to clients.
Enforcement
RBI to Set Up Dedicated Ombudsman for NBFCs
09/02/2018
New ombudsman scheme will initially cover deposit-taking nonbank financial companies; rules to be laid out this month.
Enforcement
Korea Seeks to Expand Recruitment Probe to NBFIs
09/02/2018
Probe could include some 70 savings banks, insurers, credit card providers and investment companies.
Indonesia Faces Resistance on Asean Banking Protocol
08/02/2018
Indonesian parliamentary commission appear unsure about Indonesian Banks’ ability to compete with foreign banks.
Enforcement
ANZ, Westpac Banks Refund Credit Card Customers
08/02/2018
ANZ to refund AUD10.2mn for improper fee disclosures; Westpac completes AUD11.3mn remediation following review of credit card limit increases.
Securities / Derivatives
S. Korea Scraps Plan for Tougher Capital Gains Taxes on Foreigners
08/02/2018
Securities firms don’t have the infrastructure to support the plan; critics say it would have disrupted markets and caused capital flight.
Enforcement
Korean Banks Face Claims of Corrupt Recruitment
07/02/2018
FSS says banks kept list of officials and former officials whose family members should be favoured in recruitment processes.
Enforcement
China’s People’s Daily Attacks Regulators on Conflicts of Interest
07/02/2018
Official Communist Party newspaper says regulators should be barred from taking jobs at firms they have supervised in the past.
Capital / Liquidity
Japan Govt to Draw From ‘Dormant’ Bank Accounts
01/02/2018
Funds from accounts with no activity for 10 years to be used to fund public projects from Q2 2019.
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