Korea: New Rules for Chinese Walls to Take Effect from 20 May

14/05/2021

Financial investment businesses are required to establish internal control standards to prevent information sharing of material nonpublic information between units.

Enforcement

Hong Kong: Six Current & Former Directors Fined Over Inside Information

14/05/2021

Timely disclosure of inside information is central to the orderly operation of the market and underpins a fair and informed market, the SFC said.

Securities / Derivatives

China: NAFMII Revises Rules for Credit Derivatives

14/05/2021

The rules remove a restriction that prohibited CDS and CLN from being linked to instruments other than non-financial corporate debt.

AML / KYC

Taiwan FSC Fines Citibank, DBS for AML Violations

14/05/2021

The regulator cited failures related to customer due diligence, review mechanisms, transaction monitoring, risk assessment, and investigations.

AML / KYC

Singapore: Former BP Director Jailed on Corruption Charges

14/05/2021

The former regional director was also ordered to pay a penalty of SGD 6.2 million and faces additional money laundering charges.

Securities / Derivatives

SEC Thailand Issues Guidelines for Distressed Bond Funds

13/05/2021

Only institutional and ultra-HNW investors will be allowed to invest in distressed bond funds, which will be non-redeemable but have a maturity date prescribed.

Securities / Derivatives

CBIRC Green-lights BlackRock-CCB Wealth Management Venture

13/05/2021

The wealth management JV  is 50.1% owned by BlackRock, 40% by China Construction Bank’s wealth management subsidiary, and 9.9% owned by Temasek.

Securities / Derivatives

Taiwan FSC to Launch Inspections at FIs to Assess Sales Practices

13/05/2021

The FSC will conduct inspections at 10 banks, 6 credit unions, 6 insurers and 3 securities firms to check whether they have sold high-risk products to seniors.

Capital / Liquidity

Taiwan Central Bank Calls For Prudence in Mortgage Lending

13/05/2021

While most Taiwanese lenders have been abiding by risk management rules, others have been less prudent, offering interest rates that are below market averages.