Enforcement

Korea FSS Estimates Optimus Fund Losses Could Reach $300m

11/11/2020

The FSS has estimated that 160bn won of investor funds has vanished and only up to 15% of the remaining 350bn won could be recoverable.

Market Infrastructure

NZX Confirms 10 December Go-Live Date for NZ RegCo Model

11/11/2020

The model will structurally separate NZX’s commercial and regulatory interests, similar to the approach adopted in Singapore, Japan and Brazil.

Fintech / Regtech

China Consults on Anti Monopoly Rules for E-commerce, Payments

11/11/2020

The new rules issued by China’s SAMR prohibit a range of monopolistic practices and are expected to impact internet giants Alibaba, JD.com, Tencent, and Meituan, among others.

Capital / Liquidity

FSB Publishes 2020 List of Global Systemically Important Banks

11/11/2020

JP Morgan and China Construction Bank were raised to a higher bucket; Goldman Sachs and Wells Fargo were moved to a lower bucket.

Capital / Liquidity

Loan Loss Expectations Prompt Need for Collateral Visibility

11/11/2020

Collateral is one of the more underutilised credit risk mitigation tools available to banks, and likely to become more important as loan losses mount in the year ahead.

Securities / Derivatives

China Launches First New Domestic Securities Firm in Ten Years

11/11/2020

The company was set up to take over the securities-related assets of CEFC Shanghai Securities, whose licenses were revoked last year.

AML / KYC

MAS Proposes to Strengthen FIs’ Identity Verification Process

10/11/2020

The proposed Notice will prohibit FIs from relying on common personal information such as NRIC number, residential address and date of birth as the sole means of identity verification.

Fintech / Regtech

Australian Regulators Propose New Regulatory Regime for SVFs

10/11/2020

The proposed framework includes flexibility to ensure that regulation is able to adapt to innovations such as digital wallet facilities and global stablecoins.

Capital / Liquidity

BOJ Offers Interest Incentive for Regional Banks to Merge

10/11/2020

Regional banks can earn the interest rate by meeting certain overhead reduction targets or by agreeing to a merger with another bank.