[Mainland
China] China Development Bank ex-chairman Hu jailed for life for bribery
Business
Times, 7 Jan 2021
China
Development Bank's former chairman Hu Huaibang has been sentenced to life in
prison for bribery, a Chinese court said on Thursday, marking the second
high-profile financial executive sentenced in a week. Hu was convicted of
receiving bribes totalling 85.52 million yuan between 2009 and 2019, the Chengde
Intermediate People's Court of Hebei Province said in a statement.
Full
text: click here
[Global]
China hits back at foreign sanctions on Chinese companies and individuals
SCMP,
9 Jan 2021
China
issued a new order to prohibit firms from complying with foreign laws banning
transactions with Chinese companies and individuals, effective immediately. The
so-called ‘Rules on Counteracting Unjustified Extraterritorial Application of
Foreign Legislation and Other Measures’ apply to circumstances that “improperly
prohibit or restrict” Chinese individuals, companies, and institutions from
conducting normal economic, trade, and related activities with parties from the
third countries, according to the Ministry of Commerce. Under the new rules,
Chinese individuals or institutions should report to the ministry within 30
days of their business being affected by foreign compliance laws. If the
conditions are met after the assessment by the authorities, the ministry will
issue an injunction against recognition, enforcement, and compliance with the
foreign laws and measures.
Full text: click here
[Hong
Kong] Company secretary jailed for insider dealing
SFC
Enforcement News, 11 Jan 2021
The
Eastern Magistrates’ Court sentenced Mr Chow Chiu Chi, company secretary of
China Automation Group Limited (China Automation), to 45 days of imprisonment
after he was convicted of insider dealing in the shares of China Automation
following a prosecution by the SFC. The court heard that on 11 April 2016, Chow
purchased a total of 534,000 China Automation shares through his wife’s
securities account when he became aware of a possible general offer and was
instructed to arrange suspension of trading. Between 14 and 21 April 2016, Chow
sold some of the China Automation shares and made a profit of $7,417. The notional profit of the shares remained
unsold was $36,865.
Full
text: click here
[Hong
Kong] Self-Assessment of Compliance with the Code of Banking Practice 2020
HKMA
Circular, 11 Jan 2021
The
HKMA would like to draw the industry’s attention that the annual
self-assessment of compliance with the Code of Banking Practice, covering the
period from 1 January 2020 to 31 December 2020, will be due for submission
electronically by 30 April 2021. Authorized institutions are reminded that the
Code requires compliance by certain subsidiaries and affiliated companies of
AIs, which should also be covered by this self-assessment accordingly.
Full text: click here; Reporting Template: click here
[Mainland
China] China's banking regulator hands out year's first penalties
China
Daily, 11 Jan 2021
The
China Banking and Insurance Regulatory Commission has slapped fines totaling
almost 200 million yuan on institutions and individuals in its first crackdown
on financial violations this year. The state-owned Industrial and Commercial
Bank of China was fined 54.7 million yuan due to violations including
inadequate information disclosure for its wealth management products.
Full
text: click here
[Mainland
China] China's Bond Connect program sees fast-growing activities in 2020
China
Daily, 11 Jan 2021
China's
Bond Connect program saw robust activity last year, with trading volume surging
more than 80 percent year-on-year, according to a report released by Bond
Connect Co Ltd. In 2020, the total trading volume under the program reached
4.81 trillion yuan. By the end of last year, Bond Connect had 2,352 approved
investors, up 46.9 percent from 2019, according to the report.
Full
text: click here
[Singapore] SGX RegCo announces enhanced rules on auditors, valuers
Business Times, 12 Jan 2021
Singapore Exchange Regulation (SGX RegCo) announced enhancements to rules on auditors and valuers in their dealings with listed companies. Under the new rules, all primary-listed issuers must appoint an auditor registered with the Accounting and Corporate Regulatory Authority (ACRA) to conduct their statutory audits. Following this new requirement, audits performed for all primary-listed issuers will effectively be subject to ACRA's regulatory oversight.
Full text: click here
