Enforcement

Australian Court Issues Fines in First Criminal Case of Bad Audits

19/08/2021

EC Audit and its former director Robert James Evett have been convicted and sentenced to pay fines for failing to follow auditing standards.

Securities / Derivatives

Australia Refines Super Fund Rules on Portfolio Disclosures

19/08/2021

The regulations have been refined to ensure the disclosure regime for superannuation fund portfolio holdings is cost-effective and in members best interests.

Securities / Derivatives

RBI Loosens Restriction on Foreign Sovereign Bond Holdings

19/08/2021

Foreign sovereign bonds will not count towards a regulatory cap on holdings of overseas listed securities, the RBI reportedly told some banks in a notice.

AML / KYC

CCDI Reveals Details of Corruption in China’s Rural Credit System

19/08/2021

Two of the most prominent and well-documented corruption cases disclosed by the CCDI were found at rural credit unions in Anhui and Yunnan.

Securities / Derivatives

SSE Removes SMIC From Key Index Over VIE Structure

18/08/2021

SMIC will be removed from the SSE SH Equities Index starting 16 August because it is registered in the Cayman Islands.

APRA, RBA Propose to Update Reporting Standard for Loans, Leases

18/08/2021

The changes are expected to be effective from 1 January 2022. Implementation of the November 2020 updates to ARS 720.1 will be delayed until then.

Securities / Derivatives

APRA Offers Guidance on Super Fund Performance Tests

18/08/2021

APRA may combine investment performance when administering performance tests to ensure performance history does not reset as a result of certain product changes.

Securities / Derivatives

Australia Consults on New Financial Reporting Rules For Super Funds

18/08/2021

Super funds will be required to prepare and lodge financial reports for each financial year and half-year with ASIC, and make their reports publicly available.

Securities / Derivatives

China’s NAFMII Orders Bond Underwriters to End Price War

17/08/2021

Lead bond underwriters are required to report their fees to NAFMII on a quarterly and annual basis and set up internal management systems to ensure their fees reflect market rates.