Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
Enforcement
Chinese Court Orders Ratings Firm to Compensate Bond Creditors
07/01/2021
The court held Dagong Global Credit Rating, its controller, underwriter, accounting firm, and law firm jointly responsible for defaults by a construction company three years ago.
Fintech / Regtech
MAS Announces Completion of Phase One of Veritas Initiative
06/01/2021
The first phase of Veritas resulted in the development of a fairness assessment methodology based on the FEAT principles for two use cases.
AML / KYC
White House Bans US Transactions With Chinese Payment Apps
06/01/2021
White House allies including Treasury Secretary Steve Mnuchin also reportedly pressured the NYSE to again reverse its decision on delisting Chinese telecom stocks.
Capital / Liquidity
APRA Announced Further Reduction in Committed Liquidity Facility
06/01/2021
If outstanding government securities continue to increase beyond 2021, the CLF may no longer be required in the foreseeable future, APRA says.
Enforcement
PBOC Confiscates $3m in Illegal Gains from Credit Bureau
06/01/2021
The credit bureau engaged in personal credit business without approval and failed to report senior management changes in a timely manner.
Securities / Derivatives
India: IFSCA Becomes IOSCO Associate Member
06/01/2021
The IFSCA was established in April 2020 as a unified authority to regulate all financial services in Gift City, India’s international financial services centre.
ATO Reviews Superannuation Withdrawals for Rule Breaches
06/01/2021
The ATO will consider applying penalties for wrongful superannuation withdrawal only in serious cases where an applicant has deliberately applied, knowing they were not eligible.
Securities / Derivatives
FTSE Russell to Remove More Chinese Companies from Indexes
06/01/2021
The three companies being removed are China United Network Communications, Semiconductor Manufacturing International Corporation and Nanjing Panda Electronics.
AML / KYC
China: Ex-Huarong Chairman Sentenced to Death for Corruption
06/01/2021
Convicted on bribery, embezzlement and bigamy charges, Lai Xiaomin will also be deprived of all political rights for life and have all of his personal property confiscated.
Market Infrastructure
Hong Kong Set to Implement Group-Wide Supervision for Insurance
06/01/2021
Newly gazetted subsidiary legislation will allow the Insurance Authority to set capital, regulatory reporting and public disclosure requirements for insurance groups.
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