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Securities / Derivatives
Chinese Companies Rush to Delist From US Stock Market
By FinanceAsia | 01/05/2020
After decades of chasing the prestige of a US listing, Chinese companies can’t go private fast enough – here’s why.
Enforcement
CSRC Vows Cross-border Cooperation in Luckin Fraud Case
By Editors | 28/04/2020
The CSRC has been communicating with US regulators, looking to deepen cross-border cooperation to combat misconduct and fraud and to protect investors.
Enforcement
China: Luckin Investors Launch Lawsuit Under New Securities Law
By Editors | 26/04/2020
A lack of cross-border regulation presents a challenge to holding Luckin Coffee entities and executives to account for alleged misconduct and fraud.
Capital / Liquidity
HKMA Introduces USD Facility, Postpones Supervisory Stress Tests
By Manesh Samtani | 22/04/2020
$10bn will be available to banks under the USD liquidity facility. The stress tests are being postponed to 2021 to free up banks’ operational capacity.
AML / KYC
US Agencies Issue Alert on North Korea Cyber Threat
By Manesh Samtani | 22/04/2020
The advisory highlights the powers US agencies have to subpoena foreign FIs that maintain a correspondent bank account in the US to gain access to customer records stored overseas.
Market Infrastructure
ARRC Sets Out 2020 Objectives for LIBOR to SOFR Switch
By Editors | 22/04/2020
The ARRC will establish final recommended conventions for SOFR-based floating rate notes, business loans, and securitisations by 31 July.
Capital / Liquidity
BOJ Flags Financial Stability Risks from High Credit Costs, Investment Losses
By Editors | 22/04/2020
The BOJ has identified three main risks to the stability of the Japanese financial system – rising credit costs, investment losses and foreign currency funding risks.
AML / KYC
Industrial Bank of Korea to Pay $86m for US Sanctions Violations
By Editors | 21/04/2020
The bank failed to capture and prevent USD 1 billion in transactions to Iranian entities, cleared through financial institutions located in New York including its own branch.
Securities / Derivatives
Philippine SEC Moves to Protect Minority Shareholders from Abuse
By Editors | 20/04/2020
Asset sales representing 51% of total assets will require approval from two-thirds of shareholders; minority shareholders will be able to call meetings and add agenda items.
AML / KYC
US Returns $300m of Misappropriated 1MDB Funds to Malaysia
By Editors | 15/04/2020
The funds includes proceeds from assets that Malaysia financier Jho Low allegedly bought with stolen 1MDB money before his $700mn forfeit last year.
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