CBIRC Proposes Updated Rules for Auto Finance Sector

07/01/2023

Auto finance companies will be allowed to set up overseas subsidiaries to provide financial services to Chinese automakers pursuing international expansion.

Market Infrastructure

China Allows Cities With Falling Home Sales to Lower Mortgage Rates

06/01/2023

China’s FSDC has also told banking and securities regulators to ensure extra support is provided to “systemically important” property developers.

Enforcement

Taiwan FSC Fines Cathay United Bank Again Over Outages

06/01/2023

The fine is the highest ever imposed against a bank by the FSC for IT-related issues. The bank’s president will also have his salary cut for three months.

AML / KYC

BSP Sets Out New Rules for Reporting Financial Crime Risk Events

06/01/2023

Banks and NBFIs will have to notify the BSP within 24 hours after they become aware of any significant money laundering, terrorism financing, or proliferation financing risk event.

Capital / Liquidity

China Set to Implement New Financial Stability Law This Year

05/01/2023

The law will create a financial stability guarantee fund, set out clear risk prevention and disposal responsibilities for financial institutions, and introduce a resolution regime for SIFIs.

Enforcement

Former BlackRock Portfolio Manager Fined Over Undisclosed Conflict

05/01/2023

The portfolio manager failed to disclose that he had asked an investee company to help advance his daughter’s acting career and that it helped her obtain a film role.

Enforcement

New York: Former SPAC CFO Pleads Guilty to Fraud Charges

05/01/2023

The former CFO embezzled money from a SPAC to pay for personal expenses and trade in meme stocks and crypto assets. He also incorporated two other SPACs to conceal his theft.

ESG / Sustainability

Taiwan: TDCC Adds Moody’s ESG Assessments to ESG IR Platform

05/01/2023

The ESG IR platform provides free ESG information from domestic and foreign data providers for retail investors, institutional investors and issuers.

AML / KYC

Philippines Launches Cyber Safety Campaign for Financial Customers

05/01/2023

The BSP and banking industry associations launched a new campaign to improve to cyber hygiene among financial customers.