Taiwan FSC Issues New Rules on Domestic OBU Accounts

28/09/2020

About 90,000 of Taiwan’s 130,000 OBU accounts are owned by overseas firms that are actually Taiwanese companies.

Fintech / Regtech

HKMA Selects ConsenSys to Lead Next Phase of CBDC Project

28/09/2020

Project Inthanon-LionRock studied the application of a CBDC for cross-border payments. ConsenSys will lead implementation of the project’s next phase.

Market Infrastructure

Chinese Regulators to Combine QFII, RQFII from 1 November

27/09/2020

The move to combine the QFII and RQFII into a single ‘qualified foreign investor’ regime is aimed at further easing foreign access to China’s capital markets.

Market Infrastructure

FTSE Russell to Include Chinese Govt Bonds in Global Index

27/09/2020

FTSE Russell cites significant market infrastructure improvements to expand access to international investors, improve liquidity, and develop settlement and custody processes.

Securities / Derivatives

EU Sets Out Action Plan to Achieve Capital Markets Union

27/09/2020

The Action Plan seeks to make financing more accessible to European companies and integrate national capital markets into a genuine single market.

Market Infrastructure

FSB Confirms Governance Body for OTC Derivatives Identifiers

27/09/2020

The Regulatory Oversight Committee of the Global LEI System will be the International Governance Body for the UTI, UPI and CDE as of 1 October.

BSP to Impose 24pc Ceiling on Credit Card Interest

27/09/2020

Effective from 3 November, credit card issuers can charge a maximum 2% per month on unpaid outstanding credit card balances.

Enforcement

Former Citic Bank Exec Sentenced to 15 Years’ Jail for Bribery

26/09/2020

The conviction is said to be linked to a criminal case involving the head of a Citic Group asset management subsidiary.

Bangladesh Bank Orders Banks to Cap Credit Card Interest

26/09/2020

Banks are charging customers between 25 and 27 percent in interest on credit card debt, in violation of regulations, Bangladesh Bank said.