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.