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.

Securities / Derivatives

CSRC to Bar Mainlanders from Using Northbound Stock Connect

22/12/2021

A CSRC rule amendment will specify that mainland investors are not to be included as qualified investors in the northbound legs of Stock Connect.

Fintech / Regtech

PBOC to Connect Digital Yuan to HK Faster Payment System

22/12/2021

The second phase of the ongoing CBDC trails between the Mainland and Hong Kong will involve connecting e-CNY wallets to Hong Kong’s FPS.

Capital / Liquidity

APRA Outlines Considerations for CCyB Decisions

22/12/2021

APRA confirmed that the CCyB would be set at the new default level of 1 percent of RWA from 1 January 2023, a feature of the new bank capital framework.