Conduct, Culture & Accountability

MAS Reprimands Four FIs Over Remuneration Practices

15/06/2021

Two insurers, two financial advisory firms, and two individuals were reprimanded over breaches related to their risk management arrangements and remuneration  practices.

Cryptocurrency

More Chinese Provinces Restrict Crypto Mining Activity

15/06/2021

Qinghai, Yunnan, and a prefecture in Xinjiang have joined Inner Mongolia in imposing restrictions on cryptocurrency mining.

Structural Regulation

China Passes Law Establishing Hainan as Free Trade Port

15/06/2021

The law states that Hainan will implement a “minimalist” investment approval system and create an “open, transparent, and predictable investment environment”.

Structural Regulation

FSC Korea Grants Preliminary Approval to ‘Kakao Insurance’

11/06/2021

This first time the FSC has granted approval for digital insurance business to a new entrant that is not already an insurer.

Trading & Investment

Thailand SEC Streamlines Process for Mutual Fund Approvals

11/06/2021

Asset managers can start submitting applications for approval to establish a new mutual fund using a new online system from 1 June.

Market Data & Technology

SEBI Updates Rules for Centralised Corporate Bond Database

11/06/2021

The updated rules aim to further streamline the centralised database and provide further ease of access of information for investors.

Emerging Prudential Risks

Korea to Require Lenders to Pay Into Microfinance Support Fund

11/06/2021

Proposed revisions set the common contribution rate at 0.03 percent of the balance of household loans for each financial institution.

Conduct, Culture & Accountability

SFC Suspends GEO Securities Executive for 7.2 Months

11/06/2021

GEO’s breaches were attributable to Lun Sheung Nim’s failure to discharge his duties as a responsible officer and member of the senior management.

CBDCs

French, Swiss Central banks Partner to Test Wholesale CBDC

11/06/2021

Project Jura will investigate the potential benefits and challenges of wCBDC in settling cross-border payments.