AML / KYC

Former CBIRC Official Expelled from CCP for Corruption

17/06/2021

Liu Wenyi’s case is said to be linked to the failure of Bank of Jinzhou as well as a corruption investigation involving a former head of Bank of Huludao.

Capital / Liquidity

ASIC Enhances Capital Rules for Securities, Futures Firms

17/06/2021

Securities market participants must hold core capital of at least A$500,000, up from A$100,000 currently required. One year is given for compliance.

Korea: FSC, Lenders Agree to Extend Debtor Support

17/06/2021

The application deadline for pre-workout programmes was due to end at the end of this month. This will be extended to 31 December.

Market Infrastructure

ASX Completes Corporate Actions Upgrade Project

17/06/2021

The project enables full straight-through processing for corporate actions, reducing risk for market participants and facilitating more informed decision-making.

Securities / Derivatives

Korea Allows Securities Firms to Extend Credit to Overseas Affiliates

16/06/2021

Large securities firms will be allowed to extend credit to overseas branches and subsidiaries in which they have at least a 50 percent stake.

Enforcement

CBIRC Reprimands Fintech Firm for Consumer Rights Violations

16/06/2021

The CBIRC said Mashang Consumer Finance violated product pricing rules, consumer rights, and fair trade regulations.

ASIC Issues Guidance on Ongoing Fee Arrangements

16/06/2021

A new information sheet provides guidance on ongoing fee arrangements, fee disclosure statements, and ongoing fee consents.

Fintech / Regtech

SEBI Revises Eligibility Rules for Regulatory Sandbox

16/06/2021

SEBI-registered entities can apply to the sandbox in partnership with other entities. Eligibility requirements are set out for two stages of sandbox testing.

Fintech / Regtech

China to Expand Fintech Sandbox to More Regions – Report

16/06/2021

The governments of Dalian, Guizhou, Hubei, Shanxi and Xinjiang have reportedly unveiled plans to launch new fintech sandboxes this year.