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Market Abuse
London Trader Jailed for LIBOR Manipulation Released
05/02/2021
Tom Hayes told Bloomberg this week that efforts to replace LIBOR were pointless and that the rate was far safer now.
Resolution & Recovery
Singapore Launches Simplified Insolvency, Restructuring Programme
05/02/2021
Eligible micro and small companies severely impacted by Covid-19 can apply for help with debt restructuring, business rehabilitation or orderly winding up.
Structural Regulation
CBIRC Issues Draft Guidelines on Corporate Governance
05/02/2021
The guidelines formalise obligations for banks and insurers to integrate Communist Party leadership in the governance of state-owned and private banks and insurers.
Cloud & Infrastructure
Korea to Launch Virtual Sandbox, Expand Fintech Support
04/02/2021
The FSC has outlined the work it has planned this year to promote financial innovation and digital finance.
Structural Regulation
LINE Bank Taiwan Granted Digital Bank Operating Licence
04/02/2021
LINE Bank could launch trial operations as soon as mid-March, with a view to launching full operations within the first half of the year.
Credit Risk
HK Bank Profitability Suffers, Loan Quality Deteriorates
04/02/2021
HKMA deputy chief executive Arthur Yuen says banks will continue to face challenges this year as Hong Kong suffers its worst recession on record.
Supervision & Enforcement
Korea FSS to Punish Top Woori, Shinhan Executives – Report
04/02/2021
Woori Financial Group’s chairman may be suspended from his duties, while the Shinhan Bank’s chief executive may receive a reprimand warning.
Anti-Money Laundering
CBIRC Probes Banks for Illegal Flows of Loan Funds into Real Estate
04/02/2021
The CBIRC’s Beijing and Shanghai bureaus have asked banks to review loans granted since mid-2020 to identify illegal inflows of credit funds into the real estate sector.
Payments & Settlements
SWIFT Forms Majority-owned Joint Venture with PBOC
04/02/2021
The venture will be able to obtain necessary licences for network management activities, for compliance with local regulations.
Conduct, Culture & Accountability
CBIRC Identifies Consumer Rights Violations at Everbright Bank
04/02/2021
Financial institutions are asked to use the case as a reference for improving their own consumer rights protection mechanisms.
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