Trading & Investment

FSC Korea Says LIBOR Transition Progressing Smoothly

31/12/2021

The CD rate has been actively replaced with Korea’s new RFR, known as KOFR, since its introduction on 25 November, the FSC said.

Payments & Settlements

Bank Indonesia Launches New Fast Payments System, BI-Fast

24/12/2021

BI-Fast lowers the interbank transfer fee, set at IDR 2,500 (USD 0.18) per transaction, down from the usual IDR 6,500 fee for interbank transfers. 21 banks have so far enrolled on BI-Fast.

Fraud, Scams & Cybercrime

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.

Trading & Investment

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.

Structural Regulation

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.

Conduct, Culture & Accountability

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.

Structural Regulation

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.

Anti-Money Laundering

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.

Structural Regulation

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.