AML / KYC

China: Ex-Huarong Chairman Sentenced to Death for Corruption

06/01/2021

Convicted on bribery, embezzlement and bigamy charges, Lai Xiaomin will also be deprived of all political rights for life and have all of his personal property confiscated.

Market Infrastructure

Hong Kong Set to Implement Group-Wide Supervision for Insurance

06/01/2021

Newly gazetted subsidiary legislation will allow the Insurance Authority to set capital, regulatory reporting and public disclosure requirements for insurance groups.

Enforcement

SFC Bans CCB Asia Branch Manager for Life

05/01/2021

The former manager used a cashier’s order application form pre-signed by a customer to misappropriate HK$3.6mn in April 2019.

Market Infrastructure

China Relaxes Restrictions on Cross-Border RMB Business

05/01/2021

Domestic banks can open personal RMB accounts for Hong Kong and Macau residents, which can be used to receive up CNY 80,000 daily from same name accounts.

Securities / Derivatives

Shanghai, Shenzhen Bourses Implement Revised Delisting Rules

05/01/2021

The exchange amended the rules in response to complaints that the delisting thresholds were too high to be effective in deterring fraud.

Enforcement

SEBI Fines Reliance Industries, Mukesh Ambani for Manipulative Trading

05/01/2021

Reliance Industries entered into an arrangement with 12 agents to corner Reliance Petroleum futures and earn undue profits, SEBI said.

Securities / Derivatives

Vietnam to Establish New Entity to Manage HNX, HoSE

05/01/2021

The new Vietnam Stock Exchange will rate as a limited liability company to manage the Hanoi Stock Exchange and Ho Chi Minh City Stock Exchange.

Market Infrastructure

BOT to Issue THOR Linked Floating Rate Notes in March

05/01/2021

The move is aimed at promoting the use of THOR as a new reference rate in derivatives and cash products, the central bank said.

Capital / Liquidity

PBOC, CBIRC Impose New Caps on Property Lending by Banks

05/01/2021

Loans to developers by large banks have been capped at 40% of total loans. Mortgages have been capped at 32.5% of total loans.