Crypto / Digital Assets

PBOC Intensifies Crackdown on Cryptocurrency Activity

25/09/2021

Services for virtual currency transactions are deemed illegal, including those provided to Chinese residents by overseas crypto exchanges.

Enforcement

China: Ex-Citic Group Executive Gets 18 years Jail for Bribes

24/09/2021

Zhao Jingwen was sentenced to 18 years in prison and fined CNY 3.2 million for embezzlement and receiving CNY 5.5 million in bribes.

NZ FMA Finds “Poor Value” in Credit Card Repayment Insurance

24/09/2021

Underwriters and distributors are directed to ensure their systems, processes and controls facilitate good customer outcomes.

Market Infrastructure

Japan FSA Issues Business Improvement Order to Mizuho

24/09/2021

The order requires Mizuho to submit a report to the FSA by 29 October on its IT systems and detailed improvement plans.

Market Infrastructure

IBA Launches New RFR Indexes to Facilitate LIBOR Transition

24/09/2021

IBA has now launched RFR indexes for SOFR, SONIA, €STR and TONA, providing daily values that represent accrued compound interest.

Capital / Liquidity

China Expands Permitted Scope for Overseas Loans

24/09/2021

The draft rules seek to impose a cap on the total balance of offshore loans while also loosening restrictions on the types of lending banks can engage in.

Fintech / Regtech

Ant Group’s Huabei Starts Reporting Credit Data to PBOC Database

23/09/2021

The data-sharing arrangement is part of the rectification measures ordered by financial regulators to break Ant Group’s “information monopoly” over data collection.

Big Picture

Industry Group Considers Options for Protecting Data at FMIs

23/09/2021

There is no standard approach to identifying the types of data that need to be protected, nor the manner in which that data should be protected.

Capital / Liquidity

Industry Bodies Call for Less Stringent Treatment of Cryptoassets

23/09/2021

The prudential framework envisaged by the BCBS consultation would create “material impediments” to regulated bank participation in cryptoasset markets.