Securities / Derivatives

Morgan Stanley Closer to Full Ownership of China Brokerage

03/01/2022

Morgan Stanley will increase its stake in its China securities joint venture to 94 percent, subject to regulatory approvals.

Market Infrastructure

FSC Korea Says LIBOR Transition Progressing Smoothly

31/12/2021

The CD rate has been actively replaced with Korea’s new RFR, known as KOFR, since its introduction on 25 November, the FSC said.

Fintech / Regtech

Bank Indonesia Launches New Fast Payments System, BI-Fast

24/12/2021

BI-Fast lowers the interbank transfer fee, set at IDR 2,500 (USD 0.18) per transaction, down from the usual IDR 6,500 fee for interbank transfers. 21 banks have so far enrolled on BI-Fast.

Enforcement

Australian Court Fines Mayfair Companies for Misleading Advertising

24/12/2021

Four Mayfair companies were fined a combined A$30mn for “deliberately” misleading investors into buying highly speculative and risky investment products.

Securities / Derivatives

US Bourses Explore IPOs from SE Asia Amid Chinese Withdrawal

24/12/2021

Continued regulatory scrutiny from Chinese and US regulators has reportedly compelled US exchanges to explore IPO hopefuls from India, Indonesia, Vietnam and Malaysia.

Market Infrastructure

Taiwan Proposes New Framework for Authorising Internet-only Insurers

23/12/2021

Sponsors of internet-only insurers can include financial institutions and fintech companies. Applications are expected to open in August 2022.

Securities / Derivatives

ASIC Urges Listed Entities to Disclose Business Risk Properly

23/12/2021

Listed company directors and auditors should focus on impairment of assets, particularly as some businesses may be adversely affected in a post-Covid environment.

Securities / Derivatives

SEC Issues New Disclosure Guidance for US-Listed Chinese Firms

23/12/2021

The guidance focuses on the need for clear and prominent disclosure regarding the use of VIE and SPAC structures, and the associated legal and operational risks.

AML / KYC

EBA Issues New Guidelines, Technical Standards for AML/CFT

23/12/2021

The guidelines cover supervisory cooperation and risk-based supervision of banks. New draft RTS are published for a new EU-wide database known as EuReCa.