Conduct, Culture & Accountability

ASIC Issues Update on Compensation Paid for Non-compliant Advice

05/08/2021

Australia’s 6 largest FIs have paid over A$1.86 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.

Sustainable Finance

FIs Team Up to Accelerate Coal Plant Closures in APAC

05/08/2021

Prudential, Citi, HSBC, and BlackRock are reportedly working on a plan to buy out coal-fired plants and wind them down early.

Supervision & Enforcement

CBIRC Orders Trust Companies to Divest Non-financial Subsidiaries

05/08/2021

Trust companies can retain just one non-financial subsidiary whose business covers investment management or asset management. The remaining subsidiaries must be liquidated.

Payments & Settlements

SEBI Asks RTAs to Build Common Platform for Fund Investors

05/08/2021

SEBI has asked India’s two RTAs, KFinTech and CAMS, to develop a new dedicated platform for investors to transact in mutual funds.

Supervision & Enforcement

CBIRC Fines Trust Company for ‘Major’ Regulatory Violations

05/08/2021

The trust company was fined CNY 5.66 million for risk control failures, mismanagement of its trust schemes, and other “serious” breaches.

Climate Risk

Malaysia Forms Group to Support Climate Taxonomy Adoption

05/08/2021

12 members of Malaysia’s Joint Committee on Climate Change have committed to early adoption of the taxonomy, ahead of the July 2022 deadline.

Structural Regulation

Australia Launches Inquiry into Stock Ownership by Large Funds

04/08/2021

The government is said to be concerned about the growing influence of super funds as large shareholders of ASX listed companies.

Fraud, Scams & Cybercrime

Singapore Police Charge Daughter of Hin Leong Founder

04/08/2021

Lim Huey Ching instructed a Hin Leong employee to ensure deleted items could not be recovered and to permanently dispose of server backups.

Cryptocurrency

Korean Crypto Exchanges Start to Close Amid Regulatory Pressure

04/08/2021

Up to 11 cryptocurrency exchanges in Korea are planning to shut down after their deposit accounts were linked to fraudulent activities.