The new firm will offer "debtor-in-possession" loans to SMEs, allowing incumbent chief executives to remain in control during restructuring.
CBIRC spot checks have revealed that small businesses were forced to buy in-house insurance products as conditions for obtaining financing at Beijing branches of the two banks.
According to AUSTRAC's statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.
The relief is granted through a legislative instrument that state that the suspension of the compliance scheme framework applies until 31 October 2022.
The measure has been put in place to detect the diversion of client securities by brokers at an early stage so allow for appropriate preventive measures.
The proposed reforms will enhance the licensing and supervisory regime for financial market infrastructures and introduce a resolution regime for clearing and settlement facilities.
Singapore is still rated 'partially compliant' on three FATF Recommendations for technical compliance, and will remain in enhanced follow-up.
A settlement clerk siphoned client securities into a private account and sold them over eight years, leaving a $13.8 million hole in R&L Investments’ books.
The move is seen as a way for state investors to exit some industries, and a way for some mainland companies to raise new funds and improve liquidity in their H-shares.
The key issues identified in the FMA's Audit Quality Report 2019 related to auditor independence, related party transactions, accounting estimates, and auditor response to fraud risk.