Capital / Liquidity

PBOC Accepts Applications to Establish Financial Holding Companies

07/06/2021

China CITIC Limited and China Everbright Group have become the first to apply for approval to establish financial holding companies.

AML / KYC

AUSTRAC Publishes Guidance on Detecting Cuckoo Smurfing

07/06/2021

The guidance offers indicators to help financial services firms identify and report suspicious transactions related to cuckoo smurfing.

ESG / Sustainability

G7 Finance Ministers Agree on 15pc Global Minimum Tax Rate

07/06/2021

The global minimum tax will end the race-to-the-bottom in corporate taxation and ensure fairness for the middle class and working people, Janet Yellen said.

AML / KYC

Biden Executive Order Amends, Clarifies China Blacklist

04/06/2021

The revised EO is clearer, addresses many of the problem areas in the old EO, and is more enforceable, says Nick Turner at Steptoe & Johnson.

Capital / Liquidity

CBIRC Green-lights Ant Group Consumer Finance Unit

04/06/2021

Ant will hold a 50% stake in the new unit, which forms a key part of the restructuring that was ordered to resolve regulatory concerns.

Market Infrastructure

Singapore Seeks to Enhance VCC Fund Structure

04/06/2021

The enhancements will expand the types of investors that can use the VCC and ease conversion and redomiciliation processes.

Securities / Derivatives

Hong Kong Passes Bill to Increase Stamp Duty on Stock Trades

03/06/2021

HKEX has asked market participants to prepare their systems in preparation for the 1 August stamp duty increase.

SFC, HKMA Instruct Regulated Firms to Promote Vaccinations

03/06/2021

The SFC says vaccinations are a critical part of operational risk management. The HKMA is requiring banks to submit a list of unvaccinated staff.

Market Infrastructure

PBOC Issues Guidance on USD Loans Ahead of LIBOR Cessation

02/06/2021

Guidance was issued on the terms that should be included in new and old contracts referencing USD LIBOR as well as in new contracts referencing SOFR.