Enforcement

Singapore Man Admits to Laundering Money in SkillsFuture Scam

20/07/2021

A former Grab and Uber driver has admitted to playing the role of a “dummy director” of several shell companies involved in the SkillsFuture scam.

Securities / Derivatives

Korean Regulators Ramp Up Scrutiny of IPO Valuations

18/07/2021

Listing applicants in Korea have recently had to lower their IPO pricing to address FSS concerns over high valuations.

ASIC Proposes Additional Guidance on Litigation Funding

17/07/2021

ASIC proposes to grant relief from the equal treatment duty to enable the effective distribution of a resolution sum obtained in a class action.

Market Infrastructure

Axis Bank Announces First Derivative Transaction Linked to SOFR

17/07/2021

SOFR is expected to be the most widely accepted benchmark rate used to replace LIBOR and MIFOR in India.

ESG / Sustainability

SGX Pledges to Reduce Emissions, Support Steel Decarbonisation

16/07/2021

As part of efforts to help the commodities ecosystem progress to a more sustainable future, SGX plans to introduce greener contracts in scrap and battery metals next year.

Fintech / Regtech

ECB Launches Multi-year Digital Euro Project

15/07/2021

The plan is to allow regulated banks and fintechs to open accounts at the ECB so they can offer digital euro wallets to customers.

Capital / Liquidity

RBI Proposes Changes to UCB Fundraising Norms

15/07/2021

Primary UCBs can issue equity shares, perpetual or redeemable preference shares, perpetual debt instruments, and long-term subordinated bonds.

AML / KYC

European Commission Seeks Establishment of New AML Authority

15/07/2021

The new authority would be able to directly oversee the financial firms operating across multiple member states and issue penalties for AMLviolations.

AML / KYC

MAS, ABS Working to Improve Safeguards Against Scams – Reports

14/07/2021

A task force has been set up to help Singapore’s financial industry improve safeguards against scams and fraudulent transactions.