Capital / Liquidity

China Implements New Bank Performance Evaluation Mechanism

07/01/2021

State-owned banks based on their contributions to the economy, high quality development, risk management, and operational efficiency.

Enforcement

PBOC Penalises Tenpay, Three Others for Violations – Report

07/01/2021

Tencent’s payment platform Tenpay was fined for providing payment services for illegal and false transactions, and processing QR code payments without a licence.

Enforcement

Chinese Court Orders Ratings Firm to Compensate Bond Creditors

07/01/2021

The court held Dagong Global Credit Rating, its controller, underwriter, accounting firm, and law firm jointly responsible for defaults by a construction company three years ago.

Fintech / Regtech

MAS Announces Completion of Phase One of Veritas Initiative

06/01/2021

The first phase of Veritas resulted in the development of a fairness assessment methodology based on the FEAT principles for two use cases.

AML / KYC

White House Bans US Transactions With Chinese Payment Apps

06/01/2021

White House allies including Treasury Secretary Steve Mnuchin also reportedly pressured the NYSE to again reverse its decision on delisting Chinese telecom stocks.

Capital / Liquidity

APRA Announced Further Reduction in Committed Liquidity Facility

06/01/2021

If outstanding government securities continue to increase beyond 2021, the CLF may no longer be required in the foreseeable future, APRA says.

Enforcement

PBOC Confiscates $3m in Illegal Gains from Credit Bureau

06/01/2021

The credit bureau engaged in personal credit business without approval and failed to report senior management changes in a timely manner.

Securities / Derivatives

India: IFSCA Becomes IOSCO Associate Member

06/01/2021

The IFSCA was established in April 2020 as a unified authority to regulate all financial services in Gift City, India’s international financial services centre.

ATO Reviews Superannuation Withdrawals for Rule Breaches

06/01/2021

The ATO will consider applying penalties for wrongful superannuation withdrawal only in serious cases where an applicant has deliberately applied, knowing they were not eligible.