Enforcement

China: Former Trust Company Chair Jailed for Corruption

17/05/2021

Gao Fubo is the third chairman of state-owned Jilin Trust to be convicted on corruption and bribery charges. A fourth is awaiting trial.

AML / KYC

US DOJ Repatriates $460m of Seized 1MDB Funds to Malaysia

16/05/2021

Seized and repatriated 1MDB funds are being utilised to repay and service 1MDB and SRC’s debts, which remain above $10.2billion.

Securities / Derivatives

PCAOB Proposes Framework for HFCAA Determinations

16/05/2021

The PCAOB will use the proposed framework to determine when it is unable to carry out inspections of overseas audit firms of US-listed companies.

AML / KYC

US DOJ Penalises Swiss Life for Facilitating Tax Evasion

16/05/2021

Swiss Life and its subsdiaries created and marketed insurance products specially designed for US persons seeking to hide offshore assets and evade tax.

ESG / Sustainability

COP Presidency Calls for Ambitious Climate Commitments

16/05/2021

Private financial institutions are encouraged to join a net zero alliance, publish transition plans, phase out of coal, and commit to nature-positive finance.

Enforcement

CBIRC Issues Warning Against Improper Sales Practices

16/05/2021

In a notice, the CBIRC points to regulatory violations by Ping An Bank in its credit card sales practices which violated the rights and interests of consumers.

Securities / Derivatives

SEBI Proposes to Reduce Promoter Lock-in Period

14/05/2021

SEBI proposes to reduce the lock-in period for the minimum promoter’s contribution to an IPO from 3 years to one year.

Market Infrastructure

UK Exchange Derivatives to Switch to SONIA on 17 June

14/05/2021

The FCA and BOE are encouraging market participants to prepare for and implement changes to standard trading conventions on 17 June.

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.