Daily News Headlines

  • News Headlines – 8-12 Jan 2021

    [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.

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    [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.

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    [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.

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    [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.

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    [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.

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    [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.

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    [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.

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