Enforcement

CBIRC 2020 Penalties Show Emphasis on Personal Accountability

22/05/2021

The CBIRC issued $350mn in fines against 3,178 banks and insurance firms in 2020. The number of individuals punished rose by about 30% from 2019.

Market Infrastructure

FCA Consults on Use of New Powers to Facilitate LIBOR Transition

22/05/2021

The consultation will help the FCA decide on what legacy use to permit for non-representative benchmarks and how it will prohibit new use of critical benchmarks that are ceasing.

Securities / Derivatives

Shanghai, Shenzhen Bourses Consult on New Bond Issuance Rules

22/05/2021

Rules requiring issuers to have credit ratings are removed, investor rights protection mechanisms are enhanced, and obligations on intermediaries are strengthened.

ESG / Sustainability

Australia Tops ESG Performance Rankings for APAC

21/05/2021

Australia retained its first place spot in the biennial CG Watch report on ESG performance for APAC, ahead of Hong Kong and Singapore, which tied for second.

Securities / Derivatives

Bursa Malaysia Set to Pilot Market Making in Stocks

20/05/2021

Firms can register as stock market makers and carry out market making activities in eligible stocks, helping to improve liquidity and price efficiency of these stocks.

Market Infrastructure

ICMA Publishes ‘Success Criteria’ for Sustainable Finance Taxonomies

20/05/2021

ICMA compares the main features and methodologies of official taxonomies and provides five success criteria for use in benchmarking.

ESG / Sustainability

DBS, SGX, StanChart, Temasek to Launch Carbon Exchange

20/05/2021

‘Climate Impact X’ seeks to address a need for more high-quality carbon credits and promote active cross-border trading of such credits to drive global price transparency.

Market Infrastructure

Japanese FIs Still Have $24tr in LIBOR Exposures – Report

20/05/2021

The December 2020 figure is down only slightly from the $27.5tr of contracts referencing LIBOR 18 months earlier at the end of June 2019.

Market Infrastructure

BSP Tests new RTGS System Ahead of June 2021 Go-Live

20/05/2021

The BSP is testing the new peso RTGS system with banks and other participating institutions to determine readiness for go-live in June 2021.