Supervision & Enforcement

APRA Intensifies Scrutiny of Underperforming Super Funds

21/12/2020

APRA will issue notices requiring eight trustees to provide information on the actions being taken to address underperformance. Formal enforcement powers may be used “where appropriate”.

Credit Risk

CBIRC Grants Launch Approval to New National Bad Debt Manager

21/12/2020

China Galaxy Asset Management will receive its licence within ten days, and proceed with the necessary procedures to open for business in early 2021.

Fraud, Scams & Cybercrime

Taiwan to Lower Payment Thresholds for Customer Notification

21/12/2020

The move is aimed at combatting rising financial fraud as consumers increasingly prefer e-payments over the use of credit cards.

Cloud & Infrastructure

APRA Sets September Go-Live for New Data Collection Solution

21/12/2020

The timing of regulatory data reporting commencing in APRA Connect will vary by industry. Existing data collections for banks will continue through D2A for the time being.

Structural Regulation

Hong Kong Bourse to Introduce Paperless IPO Regime in July

21/12/2020

From 5 July 2021, listing documents must be published solely in an electronic format, and new subscriptions must be made through online channels only.

Anti-Bribery & Corruption

Intermediaries Should Lay Down Anti-bribery Policies: SFC

21/12/2020

Intermediaries should draw reference from the sample code of conduct issued by the ICAC and provide appropriate training to directors, staff members and agents.

Operational Risk

HKMA Unveils Enhanced Competency Framework on Operational Risk

20/12/2020

The new Enhanced Competency Framework is aimed at raising the professional competence of practitioners working in the operational risk management function of banks.

Structural Regulation

FMA Clarifies Expectations on Use of Overseas Research in New Zealand

20/12/2020

Overseas firms without a New Zealand financial advice licence can supply research reports to licensed New Zealand firms, but not to retail clients.

Conduct, Culture & Accountability

ASIC Consults on Internal Dispute Resolution Reporting Requirements

20/12/2020

ASIC has adopted feedback on the data reporting requirements from an earlier consultation. Additional feedback is needed before it confirms the next steps for implementation.