Fintech / Regtech

Chinese Authorities Issue New Directions to Enhance Payment Services

11/04/2024

The new measures require certain hotels and tourist attractions to accept domestic and overseas bank cards and cash, and offer foreign exchange services.

Securities / Derivatives

US Treasury Proposes Rules for New Stock Buyback Excise Tax

10/04/2024

Corporations that undertake stock buybacks will have to pay a 1% excise tax on the fair market value of net repurchased shares during a tax year.

AML / KYC

Taiwan FSC Calls for Greater Use of Technology to Combat Fraud

10/04/2024

The FSC brought together government agencies as well as the financial, telecommunications, and technology industries to discuss anti-fraud measures.

AML / KYC

Korea: Telecom and Financial Industries Join Forces to Combat Fraud

10/04/2024

Authorities overseeing both industries will quickly share new fraud methods with each other and disseminate this information to individual firms.

Capital / Liquidity

HKMA Consults on Revisions to Bank Disclosure Guidelines

10/04/2024

The revisions are related to the implementation of the Basel III final reform package. The consultation is open until 7 May 2024.

Enforcement

China Launches New Round of Inspections of Regulators, State Banks

10/04/2024

The upcoming inspections will target 34 bodies including financial regulators, stock exchanges, and state-owned banks and insurers.

Enforcement

Australian Court Rules on Sanctions Law Breach by Coal Miner

10/04/2024

A Federal Court Justice has ruled that ASX-listed coal miner Tigers Realm Coal breached Australia’s sanctions law.

Sanctions

EU Starts Work on 14th Russia Sanctions Package

10/04/2024

Valdis Dombrovskis said the 14th package against Russia would have a “strong anti-circumvention focus” and “should be adopted in spring”.

Securities / Derivatives

UBS Considers Stake Swap to Exit Credit Suisse China Venture

10/04/2024

UBS took control of the Credit Suisse venture last year and then put it up for sale due to restrictions on it holding majority stakes in two domestic brokerages simultaneously.