Enforcement

Woori to Dismiss 19 Employees Following Unfair Recruitment Probe

21/10/2020

The Supreme Court ruled that 27 of Woori’s employees were involved in unfair hiring practices, 19 of which still work for the bank.

Market Infrastructure

FSTB to Introduce ‘Corporate Rescue’ Bill for LegCo Deliberation

21/10/2020

The FSTB also plans to introduce bills to provide targeted tax relief for private equity funds, enable a paperless securities market in Hong Kong, and progress work on the new eMPF platform.

Enforcement

SFC Imposes 24-month Market Ban for Takeovers Code Breach

20/10/2020

The mandatory general offer obligation under the Takeovers Code was triggered 20 times by AV Concept Holdings chairman and his concert parties.

Market Infrastructure

MAS Consults on New Rules for Licensed Credit Bureaus

19/10/2020

Credit bureaus will be subject to similar technology risk management requirements and cyber security measures as required of other financial institutions in Singapore.

Capital / Liquidity

Capital Buffer Rules May Need to Change, says BOE’s Jon Cunliffe

19/10/2020

Restrictions on dividends and other payouts that can be imposed represent a ‘first-mover disadvantage’ to banks dipping into their capital buffers to support lending.

Enforcement

ASIC, Volkswagen Financial Services Settle Responsible Lending Case

19/10/2020

Volkswagen Financial Services Australia will provide remediation worth an estimated A$4.7mn to approximately 1,800 loan consumers.

Fintech / Regtech

China Pushes For Faster Launch of Digital Currency

19/10/2020

The Shenzhen government is issuing 10 million yuan worth of digital currency for testing as part of ongoing DC/EP pilot tests.

Securities / Derivatives

SEBI Issues Series of Risk-Reducing Measures for Debt Funds

18/10/2020

The reforms include a new code of conduct, new responsibilities for debenture trustees, new fund labeling requirements, and restrictions on inter-scheme transfers, among others.

Cambodia Set To Launch Covid-19 Credit Guarantee Scheme

18/10/2020

A USD 200 million credit guarantee scheme is expected to launch in late October or November, providing a risk-sharing facility for banks to lend to businesses.