Capital / Liquidity

APAC Not Fully Meeting IFRS 9 Disclosure Objective: Moody’s

12/08/2019

Significant variations in reporting practices in some cases do not meet the disclosure objective of IFRS 9, Moody’s says, describing  HSBC Hong Kong and Hang Seng Bank as best in class.

Fintech / Regtech

FSC Korea Set to Authorise First Robo Fund Manager, Shinhan AI

12/08/2019

The FSC has granted approval to Shinhan AI to operate as an investment consulting service, and is expected to soon grant it an asset management licence.

Securities / Derivatives

China Relaxes ‘One Size Fits All’ Margin Financing Rules

12/08/2019

Brokerage firms can set lower thresholds before margin calls need to be initiated, and can accept additional forms of collateral to make up any shortfalls.

Capital / Liquidity

China Intervenes to Support a Third Troubled Bank

12/08/2019

China’s sovereign wealth fund and the Shandong provincial government will invest in Hengfeng Bank, which failed to disclose its financial statements for two straight years.

AML / KYC

Malaysia Files Criminal Charges Against 17 Goldman Directors

12/08/2019

The current and former directors each face 1MDB-related charges carrying a maximum 10-year jail term and a minimum penalty of 1 million ringgit.

Enforcement

Another Former Huarong Executive Charged with Corruption

12/08/2019

The former chairman of Huarong Investment Stock Corp, Qin Ling, stands accused of using his position to seek benefits for others, accepting bribes, and embezzlement.

Market Infrastructure

ISDA Consultation on LIBOR Pre-Cessation Reveals Mixed Results

12/08/2019

ISDA received responses from 89 entities expressing a “wide variety of views” on whether and how to implement a pre-cessation trigger, with no clear majority for any approach.

Market Infrastructure

RBI Task Force Suggests Enhancements to Onshore Rupee Market

10/08/2019

The task force recommends implementation of margin requirements for non-centrally cleared OTC derivatives “at the earliest”.

AML / KYC

Australia Records Decline in Payment Fraud Rates

09/08/2019

AusPayNet’s latest data shows a decline in the overall rate of card fraud for 2018, alongside slower growth in online fraud.