AML / KYC

UK Linked ‘Golden Visas’ to Crime Years Ago

18/01/2023

A review commissioned in 2018 and “kept secret for years” found a disproportionate number of golden visa applicants were from countries identified as high risk.

Fintech / Regtech

China Releases New Data Standards for Public Fund Disclosures

18/01/2023

Funds should use technology to standardise and digitise disclosures of information on publicly-offered securities investment funds.

Enforcement

Korea: Tougher Penalties for Unfair Trading Expected Within H1

18/01/2023

Those engaged in unfair trading activities would face either a prison sentence of at least one year or a fine of between three and five times profits.

Securities / Derivatives

SEBI Proposes to Allow PE Funds to Sponsor Mutual Funds

18/01/2023

The changes will draw fresh capital into the fund industry, encourage more competition, and allow easier exits for existing sponsors.

Capital / Liquidity

Chinese D-SIBs Have $550bn TLAC Shortfall: S&P Global Ratings

18/01/2023

Under rules released in 2021, China’s four G-SIBs will have to hold TLAC equal to 16 percent of their risk-weighted assets by 1 January 2025.

Crypto / Digital Assets

EU: MiCA Vote Delayed Again Until April 2023 – Report

18/01/2023

The delay is reported to be due to technical issues associated with translating the English text into the EU’s 24 official languages.

Enforcement

New Zealand: Cigna to Pay Biggest-ever Penalty in FMA Case

18/01/2023

Cigna increased premiums and cover for customers without being clear and transparent about the basis for the increase.

Market Infrastructure

ESMA Adds TAIFEX to List of Recognised Third Country CCPs

18/01/2023

The recognition allows European financial institutions to apply the minimum risk weight of 2 percent for exposures to TAIFEX derivatives.

Enforcement

Singapore: Ex-Agritrade CFO Sentenced to 20 Years Jail

17/01/2023

The former CFO instructed subordinates to submit false financial statements to banks in Japan, South Korea, India and Taiwan to obtain trade financing.