Enforcement

CBIRC Fines 21 Banks for Data Reporting Failures

04/04/2022

State-owned banks including BOC, CDB, ICBC and CCB were fined a total of USD 13.8 million for data quality and reporting issues.

Enforcement

Philippine SEC to Form Dedicated Unit Targeting Abusive Lending

04/04/2022

The government is seeking to prevent and penalise abusive debt collection practices, misrepresentations, and unreasonable terms and conditions.

AML / KYC

Australia to Scrap Company Searches Fees from Sept 2023

04/04/2022

The scrapping of company search fees means ASIC will forgo A$64.9mn in revenue over three years from 2023-24.

Fintech / Regtech

Visa, Western Union, GBBC Join Digital Dollar Project

03/04/2022

The new members were announced just weeks after President Joe Biden signed an executive order outlining a “whole-of-government approach” to evaluate digital assets including a CBDC.

Securities / Derivatives

CSRC Says Talks With US Regulators Have Progressed ‘Smoothly’

03/04/2022

The CSRC was responding to a question about comments from SEC chair Gary Gensler which appeared to cast doubt that a deal on audit supervision was imminent.

Fintech / Regtech

FCA Allows Crypto Firms to Continue Under Temporary Registration

03/04/2022

Though the deadline has passed, six cryptoasset firms with temporary registration can still continue to operate under temporary registration.

Market Infrastructure

Indonesia Designates IndONIA as Overnight Rupiah Benchmark

03/04/2022

Regulators are calling on market participants to increase the use of IndONIA as an interest rate benchmark in rupiah financial products and instruments.

ESG / Sustainability

Malaysia JC3 Issues Draft TCFD Application Guide for FIs

03/04/2022

All Malaysian FIs will be expected to adopt basic recommendations set out in the application guide and encouraged to adopt more sophisticated ‘stretch’ recommendations.

Market Infrastructure

HKMA, SFC to Add Calculation Periods to Clearing Rules

03/04/2022

The HKMA and SFC also proposed to add Nomura Financial Products Europe GmbH to the FSP List under the OTC derivatives clearing regime.