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.

Securities / Derivatives

New Corporate Restructuring Fund Kicks Off in Korea, FSC Says

16/10/2020

The fund is expected to serve as a stepping stone for the establishment of a more vibrant corporate restructuring ecosystem, the FSC said.

Securities / Derivatives

MAS Grants BondEvalue Recognised Market Operator Licence

16/10/2020

BondEvalue operates BondbloX Bond Exchange, a blockchain-based exchange that allows for bonds to be traded in USD 1,000 lots.

AML / KYC

G7 Calls for Global Adoption of FATF Standards on VASPs

16/10/2020

Effective implementation of the FATF Standards, including the ‘travel rule’, is needed to combat a recent surge in ransomware attacks.

Fintech / Regtech

PBOC to Establish Consumer Protection Fund for Payments

15/10/2020

The new regulations are aimed at establishing a long-term mechanism for resolving and disposing of risks at non-bank payment institutions, the PBOC said.