Capital / Liquidity

PBOC Issues Draft Rules ‘Fully Revising’ Commercial Bank Law

18/10/2020

The revisions will enhance governance, improve board and senior management accountability, strengthen capital and risk management requirements, and raise penalties for violations.

Fintech / Regtech

Japan FSA to Debut Online Filing Platform by March 2021

18/10/2020

The FSA plans to update its ordinances and guidelines to enable a complete shift to online applications and filings by March 2022.

Capital / Liquidity

PBOC Rules for Conglomerates to Limit Systemic Risk: Fitch

18/10/2020

Fitch Ratings says the new regulations for conglomerates with interests in financial services will help contain systemic risks by limiting irregular financial activities and misconduct.

Securities / Derivatives

China Vows to Improve Quality of Listed Companies

18/10/2020

A new State Council guideline promotes the issuance of domestic shares to purchase overseas assets, and greater inbound investment from qualified foreign investors.

Enforcement

Hong Kong: CMBC Capital, Directors Penalised for Late Disclosure

18/10/2020

CMBC Capital did not make information about significant improvement in the company’s financial performance public in a timely manner.

AML / KYC

SoW/SoF Checks: What Does Good Look Like?

18/10/2020

Regulation Asia spoke to financial crime compliance experts about the ongoing effort required to achieve and maintain high standards for source of wealth and source of funds checks.

Market Infrastructure

HKMA Expects Adherence to ISDA IBOR Fallbacks Protocol

18/10/2020

The HKMA expects authorised institutions to adhere to the Protocol before it takes effect and to encourage counterparties to do the same.

Market Infrastructure

FSB Sets Out Global Transition Roadmap for LIBOR Phaseout

18/10/2020

By end-2020, firms should be in a position to offer non-LIBOR loans to customers. By 25 January, firms should adhere to the ISDA fallbacks protocol.

AML / KYC

APG Releases First Follow-up Report on Pakistan

18/10/2020

The APG says Pakistan has been re-rated from ‘partially compliant’ to ‘compliant’ on Recommendation 29 and has made progress on Recommendation 1.