Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
Capital / Liquidity
Hong Kong Financial System Remains Resilient: IMF Staff
07/05/2023
IMF staff said credit risk will “likely continue to materialise”, and banks should properly recognise and provision for credit losses, including those from Mainland property exposures.
Securities / Derivatives
China: AMAC Proposes Additional Requirements for Private Securities Funds
07/05/2023
PE funds must have at least 10mn yuan under management to remain in operation. Firms with more than 2bn yuan under management will have to undergo regular stress tests.
ESG / Sustainability
LMA Publishes Model Provisions for Sustainability-linked Loans
07/05/2023
The model provisions provide a basic drafting framework to assist parties in the negotiation of documentation for sustainability-linked loans.
Enforcement
NYDFS Fines BitFlyer for Deficient Cybersecurity Programme
07/05/2023
BitFlyer USA did not perform risk assessments, implement a written cybersecurity policy, or conduct annual reviews. The firm said it has completed over 90% of its planned remediation work.
Enforcement
India Supreme Court Allows Prosecution of Deloitte, KPMG Units
07/05/2023
Supreme Court ruling allows criminal complaints against Deloitte Haskins & Sells and BSR & Associates over their handling of IL&FS audits to proceed.
Enforcement
FSS Korea Uncovers First “Malicious” Cases of Naked Short Selling
06/05/2023
The FSS uncovered cases where market participants deliberately short-sold securities without first borrowing the stock in a bid to “maximise trading profits”.
Market Infrastructure
Regulators Announce 15 May Launch Date for Swap Connect
06/05/2023
Swap Connect will allow overseas investors to trade in Mainland interest rate swap contracts on CFETS via Tradeweb and Bloomberg.
AML / KYC
India Amends Laws Governing Accountants, Company Secretaries
05/05/2023
Chartered accountants, company secretaries, and cost and work accountants will have to maintain records of all financial transactions for clients.
Enforcement
MAS Imposes Additional Capital Surcharge on DBS for Outages
05/05/2023
A new disruption on 5 May prevented users from accessing digital banking, mobile wallet, brokerage, and ATM services.
Enforcement
Ex-OpenSea Manager Convicted for NFT Insider Trading Scheme
05/05/2023
Nathaniel Chastain chose which NFTs to feature on OpenSea’s home page and then covertly traded those NFTs, altogether making about $57,000 in profits.
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