Fraud, Scams & Cybercrime

Converting Property Loans to Business Loans is Illegal, CBIRC Warns

27/12/2022

Some “unscrupulous intermediaries” have been advertising and promoting “illegal” loan conversion as a way to reduce interest costs.

Emerging Prudential Risks

NYDFS Proposes Guidance on Climate Risk Management

27/12/2022

The guidance focuses on corporate governance; internal control framework; risk management process; data aggregation and reporting; and scenario analysis.

Data Privacy

EU Commission Approves Pilot Use Cases for Digital ID Wallet

27/12/2022

The approved pilots cover payments, travel, and business compatibility. The EU Digital Identity Wallet is expected to go live in 2024.

Conduct, Culture & Accountability

BOE Proposes to Remove Cap on Bankers Bonuses

27/12/2022

Removing the cap will increase the proportion of compensation that can be set by tools such as deferral, payments in instruments, and risk adjustment.

Sustainable Finance

RBI Official Calls for Structural Changes to Scale Up Green Finance

27/12/2022

Deputy governor M Rajeshwar Rao said a formal definition of green finance and a taxonomy are needed, along with a robust ecosystem for third-party verification and assurance.

Cryptocurrency

Insurers Are Denying Coverage to Crypto Firms Linked to FTX

27/12/2022

When coverage is provided, it is becoming more pricey and contains broad policy exclusions that would deny any FTX-related claims.

Trading & Investment

Shanghai Bourse Opens New Portal to Facilitate New Listings

27/12/2022

The new portal provides inquiry services, listing assessment services, policy regulatory and information, and training for companies seeking an IPO.

Trading & Investment

Thai SEC Launches New Mutual Fund Comparison Tool

27/12/2022

The SEC began developing the “SEC Fund Check” application in Q2 2019. A separate application called “SEC Bond Check” is also under development.

Fraud, Scams & Cybercrime

HK Police Arrest Two Men Over Halted Crypto Exchange AAX

26/12/2022

Police say the two men falsely claimed AAX was undergoing “scheduled maintenance” to suspend user withdrawals. A third individual is said to be on the run.