BSP Drafts New Rules on Financial Services Dispute Resolution

18/08/2022

Complainants can elect for mediation or adjudication only if the complaint cannot be resolved by the FI itself or the BSP’s Consumer Assistance Mechanism.

Enforcement

CBIRC Fines New Times Trust, Bans Top Executives for Life

18/08/2022

New Times Trust, a unit of Tomorrow Group, was fined CNY 7 million. Nine former executives were warned, fined or otherwise penalised with lifetime bans.

Fintech / Regtech

SET, Bloomberg Launches Initiative to Boost Capital Markets Talent

18/08/2022

The initiative will allow finance students from eight universities to gain experience in financial markets trading using Bloomberg data and tools.

AML / KYC

Philippine AMLC Tightens Requirements on DNFBPs

18/08/2022

Updated AML/CFT guidelines require DNFBPs to submit proof that their proprietors, partners, directors and principal officers have attended an AML seminar.

Capital / Liquidity

China to Pilot Initiative to Speed Up NPL Disposals

18/08/2022

Authorities will initially consider selecting six provinces to pilot an initiative to speed up the disposal of bad loans from small- and medium-sized banks.

Enforcement

Korea FSS Probes Korea Investment & Securities Over System Outage

18/08/2022

The system outage occurred due to an electrical short circuit at Korea Investment & Securities’ main data processing computer centre.

Crypto / Digital Assets

Crypto Firm Hodlnaut Applies for Judicial Management in Singapore

18/08/2022

The alternative of forced liquidation would be a “suboptimal solution” that would require Hodlnaut to sell users’ cryptocurrencies at “depressed asset prices”.

Securities / Derivatives

Fund Managers Relocating Staff Away from Hong Kong: HKIFA

18/08/2022

A survey of 36 fund managers found that almost 70 percent are finding it difficult to hire non-local and non-mainland staff to work in Hong Kong due to Covid restrictions.

Sanctions

LME Bans Russian Nickel From UK Warehouse Facilities

18/08/2022

Higher duties on Russian metals imposed as part of a sanctions package have now been extended to nickel.