China Allows Nonbank Creditors to Initiate Creditor Committees

20/01/2021

To date, only bank creditors have been allowed to initiate the establishment of creditor committees, while nonbank financial institutions were often excluded.

Securities / Derivatives

Hong Kong, Thailand Agree Mutual Recognition of Funds

20/01/2021

Each Hong Kong or Thai fund approved under the MRF scheme will have to appoint a firm in the other market to serve as its representative.

ESG / Sustainability

FSB Publishes Work Programme for Year Ahead

20/01/2021

The work programme includes initiatives to strengthen NBFI resilience, enhance cross border payments, and address climate change, among other priorities.

AML / KYC

HK Police Arrest Bank Staff for Money Laundering – Report

20/01/2021

The 7 individuals arrested are said to have helped a member of an international money laundering syndicate open at least 14 bank accounts.

Fintech / Regtech

Rakuten Launches First Digital-only Bank in Taiwan

20/01/2021

Rakuten International Commercial Bank was one of three groups granted authorisation to set up a digital bank in July 2019.

Market Infrastructure

Clearinghouses Consider Early LIBOR Switch for Derivatives – Report

20/01/2021

LCH and CME Group could carry out a switchover in late November or early December for LIBOR derivatives to protect from tight liquidity in the benchmark’s final days.

AML / KYC

Australian Border Force Disrupts Money Laundering by Drug Cartels

20/01/2021

9 Australian and 7 international banks were used to launder A$500mn in illegal profits from the drug trade between 2014 and 2017.

AML / KYC

GLEIF Enhances LEI Search Engine, Automates Access to LEI Data

19/01/2021

A new API enables third-party developers to automate searches and retrieve higher quality LEI data from within their application environments.

Securities / Derivatives

China: SAFE Allocates $9bn in Additional Quotas to QDIIs

19/01/2021

90% of the new quotas were granted to 14 fund managers, including China Southern Asset Management, E Fund Management, Bosera Asset Management and Harvest Fund Management.