Market Infrastructure

Hong Kong Introduces Bill to Boost FRC’s Regulatory Powers

25/07/2021

Under the proposed regime, regulatory powers currently vested with the HKICPA will be transferred to the Financial Reporting Council.

Shenzhen Court Ruling Paves Way for China Bankruptcy Law

25/07/2021

A Shenzhen court has reportedly approved a restructuring plan for a businessman requiring him to repay the principal of his loans to creditors.

Enforcement

China: Shanxi Banking Regulator to Face Corruption Trial

22/07/2021

Yang Qinghe is accused of abusing his power to help people who bribed him to obtain loans and other benefits.

Experts Debate Treatment of Retail Investors in HNA Restructuring

22/07/2021

Debt claims exceeding CNY 30 billion were mainly filed by HNA employees and their relatives who purchased wealth management products from three HNA-backed P2P platforms.

Fintech / Regtech

China Banking Body Mulls Certification for Fintech Professionals

22/07/2021

The China Banking Association plans to launch a government-approved certification programme for fintech professionals.

Australia Issues Consultation on Retirement Income Covenant

21/07/2021

Superannuation trustees will be required to have in place a retirement income strategy as outlined in a new position paper from 1 July 2022.

Australia: Grandfathered Conflicted Remuneration Comes to an End

21/07/2021

Only eight product issuers still had grandfathered conflicted remuneration arrangements in place as at 1 January 2021.

Fintech / Regtech

China Sets Timelines for Fintechs to Complete Restructuring

21/07/2021

The affected fintechs have until end-2021 to restructure their financial services businesses, and until end-2022 to clean up their credit reporting businesses.

Australia Consults on Compensation Scheme of Last Resort

21/07/2021

The CSLR will establish an industry-funded compensation mechanism for individuals who have won decisions against insolvent financial firms.