01/14/2021
China Enhances Market Maker Rules for Interbank FX Market
Under the new guidelines, SAFE will delegate the entry and exit management of market making institutions to CFETS (China Foreign Exchange Trade System).
Legal, Regulation & Compliance
01/13/2021
CBIRC Penalises State-owned Financial Institutions and Subsidiaries
ICBC’s penalty follows the arrest of two officials from its wealth management unit, reported by Caixin in December 2020.
01/13/2021
CSRC Issues Final Rules on Convertible Corporate Bonds
The rules also enhance requirements for issuers to disclose major events, and set out measures to improve conversion price determination, amendment and adjustment by issuers.
01/13/2021
RBI Directs Banks to Enhance Internal Audit Function
A minimum period of service for staff in the internal audit function should be specified by the Board, except for entities where the internal audit function is a specialised function and managed by career internal auditors.
01/13/2021
SEC bans a former investment consultant for 4 years and 8 months due to wrongful acts against an investor’s asset
Following the investor’s complaint and SEC’s further investigation
01/13/2021
PBOC Outlines Work Programme, Policy Priorities for 2021
The annual work meeting featured speeches from PBOC governor Yi Gang and deputy governor Guo Shuqing.
01/13/2021
ASIC cancels AFS licence of Halifax Investment Services
The joint hearing of the Federal Court of Australia and High Court of New Zealand seeking orders in relation to the distribution of client moneys held by Halifax commenced on 30 November 2020 and concluded on 9 December 2020.
01/13/2021
Walkers adds 25 Bermuda Registered Associates in Asia
Walkers adds 25 Bermuda Registered Associates in Asia: Becoming the second largest Bermuda legal offering in the region
01/12/2021
MAS urges Singapore consumers to replace physical notes with remote e-gifting over Lunar New year
For those who prefer giving new physical notes, five banks will implement an online reservation system for such notes.
01/12/2021
Taiwan FSC Approves Banks for Second Phase of Open Banking
The seven banks included in phase two are South China Commercial Bank, Yuanta Commercial Bank, CTBC Bank, Mega International Commercial Bank, First Commercial Bank, Cathay United Bank, and Far Eastern International Bank.
01/12/2021
Won’s Strength Puts Spotlight on Bank of Korea Policy Meeting
Korean officials will also be wary of raising the ire of the U.S. with any large scale intervention after the Treasury Department kept the country on its monitoring list in December.
01/12/2021
Top accounting professional cited
A Certified Public Accountant, Marivic served various positions in the Philippine Institute of Certified Public Accountants (PICPA), including the 2017 Chairmanship of the Metro Manila Region and national director for several terms.
01/12/2021
EFCO Limited, New Zealand announces collaboration with Shariyah Review Bureau, Bahrain for Islamic Financing products in New Zealand
The engagement comes as EFCO integrate Shari’a compliance to its set of assets & debt-based products.
01/12/2021
Australian banks among most fined
Australian banks came in second place, with just three fines managing to add up to US$981 million.
01/12/2021
SGX RegCo Raises Audit, Valuation Standards for Listed Firms
“SGX RegCo may direct the appointment of a second auditor if the market still has not obtained sufficient assurance on the areas of concern after the use of these tools,”
01/11/2021
WAM sees court win over Keybridge
"The implications of the late notice were that WAM Active would not have been able to lawfully acquire all of the processed shares, even if the Takeovers Panel had not determined the bid to be void."
01/11/2021
AUSTRAC reviewing data on Vatican money transfers
The data raised eyebrows in Australia and the Holy See, given the number of transfers and amounts that appeared to be greatly out of line with the Vatican’s financial reality.
01/11/2021
Ogier advises Singapore sovereign wealth fund on urban logistics joint venture
The joint venture will be seeded with a US$220m portfolio of 18 UK assets in prime locations owned by Kennedy Wilson.
01/11/2021
Amendments to Requirements for Labuan Business Activity Gazetted
Labuan and the minimum number of full time employees in Labuan that have to be fulfilled by a Labuan entity
01/11/2021
China Issues New Rules to Protect from Foreign Sanctions
The Chinese government can also prohibit domestic companies and individuals from complying with punitive measures mandated by foreign governments.