PBOC Revises Complaints Handling Procedures for Credit Reporting

20/03/2024

The revised procedures will improve convenience for complainants, reduce the cost of complaints, and help consumers safeguard their credit rights, the PBOC said.

Market Infrastructure

FSS Korea Unveils New Initiatives to Boost Industry’s Cyber Resilience

19/03/2024

The FSS will establish an “autonomous security system” that FIs will be able to use to conduct IT audits and self-inspections to identify security threats.

Securities / Derivatives

Japan FSA Sends Bill to Parliament to Boost Capital Market

19/03/2024

The bill will enable asset managers to outsource middle and back office operations and facilitate the development of a market for unlisted securities.

Enforcement

CSRC to Impose Fine and Lifetime Ban on Evergrande Founder

19/03/2024

The company’s flagship unit, Hengda Real Estate, will also pay a CNY 4.2 billion penalty for inflating revenues and defrauding investors.

Fintech / Regtech

S. Korea Preparing Draft Artificial Intelligence Law: Official

19/03/2024

The draft law will define “high-risk AI”, business operator responsibilities, the composition of AI committees, and ethical principles.

BOJ Raises Interest Rates for the First Time in 17 Years

19/03/2024

The BOJ also abolished its yield curve control policy, which it has used since 2016 to cap the yields of 10-year JGBs.

Enforcement

China’s Didi Required to Face Investor Lawsuit Over 2021 IPO

19/03/2024

Besides allowing the investor lawsuit to proceed against Didi, the US court also refused to dismiss claims against banks that helped the company go public.

Enforcement

US SEC Fines Two Investment Advisers for AI Washing

19/03/2024

“Investment advisers should not mislead the public by saying they are using an AI model when they are not,” said the SEC’s Gary Gensler.

Fintech / Regtech

Microsoft, Amazon Suspend Russian Access to Cloud Products

18/03/2024

The move is a response to the EU’s 12th package of Russia sanctions, which prohibits companies from supplying enterprise or design software to companies in Russia.