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.

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.