India Proposes Changes to Insolvency and Bankruptcy Code

19/01/2023

The simplified process currently available to small firms under the IBC will be expanded to some larger firms, among other changes.

Enforcement

Australia: Three Law Firms Join Forces for Medibank Class Action

19/01/2023

The class action seeks compensation for Medibank customers who had their personal and health data stolen by Russia-linked hackers in last year.

Taiwan Approves Merger Between Taipei Fubon and Jih Sun Bank

19/01/2023

Taipei Fubon Bank as the surviving entity will be Taiwan’s third-largest bank by assets after Bank of Taiwan and CTBC Bank.

Capital / Liquidity

Implementation of 2013 NBFI Reforms Are Incomplete: FSB

19/01/2023

Jurisdictions have not finished implementing Basel III reforms to mitigate spillovers between banks and non-bank financial entities.

Market Infrastructure

China Set Out Plan to Develop Data Security Industry

18/01/2023

As part of the plan, FIs will be encouraged to invest in the field of data security and provide convenient and efficient financial services to the sector.

Securities / Derivatives

Deutsche Bank Issues First Panda Bond in China for 2023

18/01/2023

The panda bond is the first since the introduction of new rules that allow foreign issuers to freely use the proceeds overseas without restriction.

AML / KYC

HK Customs “Smashes” Syndicate That Laundered HK$6b

18/01/2023

A money laundering operation centre was being run from an apartment at a large private housing estate. The syndicate was “successfully smashed”.

Capital / Liquidity

ECB Identifies Weak Risk Management at EU Banks

18/01/2023

The ECB identified “material shortcomings” in how banks manage counterparty credit risks. Banks should “promptly address weaknesses”.

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.