CBIRC Issues Rules on Evaluating Performance of Bank Directors

09/02/2021

Banks and insurers have to evaluate the performance of their directors and supervisors each year and classify them as “competent”, “basically competent” or “incompetent”.

Fintech / Regtech

China Finalises Anti-monopoly Rules for Internet Platforms

09/02/2021

The rules prohibit platform operators from abusing their market dominant positions through behaviour designed to reduce or restrict competition.

Enforcement

FINRA Fines HSBC Securities Over Employee Screening Failures

09/02/2021

FINRA fined HSBC Securities $650,000 for failing to screen 2,191 non-registered associated persons for statutory disqualification.

AML / KYC

HK Banks Told to Stop Accepting BNO Passports as Valid ID

09/02/2021

The HKAB updated its guidance for banks after the government said it would no longer recognise BN(O) passports as valid travel documents or forms of identity.

Securities / Derivatives

China Set to Establish National Carbon Emissions Trading Scheme

08/02/2021

In the first phase, a total of 2,225 power utilities have been assigned carbon emissions limits, representing 30 percent of China’s total emissions.

Enforcement

Luckin Coffee Files for Bankruptcy to Facilitate Restructuring

08/02/2021

Luckin said it will continue to pay suppliers, vendors and employees while it negotiates with its stakeholders regarding a restructuring of its financial obligations.

Enforcement

Korea FSS Seeks Prosecution of Hana Financial CEO

08/02/2021

The regulator said it discovered illegal trading activities by CEO Lee Jin-kuk during an inspection of Hana Financial Investment last year.

Securities / Derivatives

SFC Sets Out Conduct Standards Expected in Capital Raisings

08/02/2021

The proposals establish the standards of conduct expected of intermediaries participating in bookbuilding, pricing, allocation and placing activities.

Enforcement

Foreign Banks Penalised in Taiwan for Facilitating FX Speculation

08/02/2021

Deutsche Bank is permanently banned from trading TWD deliverable and non-deliverable forwards. ING, ANZ and Citi received lesser punishments.