Securities / Derivatives

NYSE Gets SEC Green Lights to Allow Direct Listings

29/12/2020

Companies will be able to directly sell shares in an auction without a traditional underwriter, enabling investors to participate in new listings more readily.

Crypto / Digital Assets

IOSCO Offers Guidance on Educating Investors on Crypto Asset Risk

29/12/2020

The report identifies the possible risks to retail investors in crypto-assets and describes how regulators can help inform them about these risks.

Market Infrastructure

ASIC Demands Better Practices to Improve Audit Quality

29/12/2020

ASIC is currently considering or progressing enforcement action for auditor misconduct in twelve cases, as part of efforts to improve audit quality.

Philippines: BSP to Standardise MSME Loan Applications

24/12/2020

A standard business loan application form will simplify and improve the application process, while also facilitating banks’ risk assessments and speeding up turnaround time.

Enforcement

CBIRC Takes Control of Trust Company Accused of Embezzlement

24/12/2020

A joint working team comprising CBIRC and local government officials was dispatched to Sichuan Trust to supervise operations and carry out a management reshuffle.

AML / KYC

SFC to Require OFCs to Appoint Responsible Person for AML

23/12/2020

The requirement replaces an earlier proposal for OFCs to maintain a significant controllers register, which was deemed too operationally burdensome.

Securities / Derivatives

Shanghai International Energy Exchange Optimises FX Conversion Model

23/12/2020

To date, FX conversion has been carried out daily. Under the new model, FX conversion can be carried out for overseas participants on a monthly basis.

AML / KYC

UPDATED – FinCEN Proposes Reporting, Recordkeeping Rules for Crypto

23/12/2020

Under the proposed rule, FIs will have to keep records of customers’ crypto transactions and counterparties, and whether they are using unhosted wallets.

Korea to Standardise ‘Tech Financing’ Credit Models in 2021

23/12/2020

A new guideline being introduced will improve the accountability of ‘tech credit’ evaluating institutions and require them to use standard evaluation models.