China

Banks and insurers are required to complete complaints handling processes within 15 days in cases where the facts are clear and the matter in dispute are simple.

State-owned enterprises may only engage in derivatives trading for hedging purposes. Speculative derivatives trading is explicitly prohibited.

Citadel Securities has agreed to pay almost $100mn to settle charges that its algorithmic trading disrupted the market during the 2015 market correction.

The measures oblige banking and insurance supervisors to investigate violations of banking and insurance laws and regulations reported by whistleblowers, and to protect their privacy.

The new system covers 5 years of financial records, compared to 2 previously, including information on borrowers' employment status, co-borrowing records, and utility payment history.

The rules will require banks' cash management products to invest in shorter duration assets and limit leverage to 120%, among other requirements.

Under the agreement, the December timeline for China's removal of foreign ownership limits in the securities sector is brought forward to April.

The lack of legal certainty and judicial recognition on close-out netting can impede capital market development in China, impacting domestic FIs the most, ISDA's Scott O'Malia said.

SFC deputy chief executive Julia Leung has indicated that discussions with the CSRC have resumed to address the technical challenges of implementing an ETF Connect.

The framework will enable foreign banks in China to set up separate digital banking platforms, while also covering existing online-only banks WeBank, MYbank and AiBank.