Enforcement

China Minsheng, Ping An Banks Fined for Clearing, Payments Violations

19/03/2018

Banks violated rules on management of clearing, yuan settlement, and NBFI payments; Minsheng Bank’s $25.7mn fine is highest levied in financial industry by PBOC.

Enforcement

S.Korea to Tighten Financial Holding Company Governance Rules

18/03/2018

Financial regulator says it will toughen rules on appointments amid corporate governance concerns re excessive influence, lack of innovation.

Enforcement

ASIC Mandates Banks’ Further Removal of Unfair Loans Terms

17/03/2018

New guidance ensures bank staff are held responsible for conduct and statements outside of formal contracts; removes borrower’s liability in the event of lender misconduct.

Securities / Derivatives

Shanghai, Shenzhen Bourses Draft Compulsory Delisting Rules

16/03/2018

False, misleading or fraudulent listing, restructuring documents or other disclosures including annual reports will trigger the delisting mechanism.

Fintech / Regtech

MAS to Streamline Data Submissions, Reduce Burden for FIs

16/03/2018

Financial institutions will be allowed to decline MAS requests for previously-submitted data; new regulatory returns to be submitted in machine-readable formats.

Enforcement

MAS, CAD to Jointly Investigate All Capital Markets, Financial Advisory Offences

14/03/2018

MAS and CAD will consolidation investigative resources and expertise for all capital market and financial advisory offences, effective 17 March.

Enforcement

S. Korea FSS Chief Resigns Amid Hiring Scandal Allegations

13/03/2018

Choe Heung-sik denies allegations he helped a friend’s son get a job while he was president of Hana Financial Group; resigns anyway.

Fintech / Regtech

South Korea’s FSC Proposes Fintech Link with Indonesia

10/03/2018

Choi Jong-koo also lobbies to allow Korean firms to expand their business remits in the Southeast Asian country.

Securities / Derivatives

Vietnam Announces Risk Hedging Rules for Warrant Issuers

09/03/2018

Hi Chi Minh Stock Exchange to launch covered warrants in late March; issuers required to hold adequate underlying securities and submit daily reports to the exchange.