Supervision & Enforcement

ASIC Power to Obtain Documents Upheld in Federal Court

14/09/2020

Two separate rulings against Maxi EFX and IOOF-owned RI Advice clarify obligations for those who receive ASIC notices requiring them to produce documents.

Conduct, Culture & Accountability

RBI Sets Out Guidelines on Bank Compliance Function

13/09/2020

The guidelines are aimed at ensuring a uniform approach with regard to compliance and risk management culture across the banking industry.

Fraud, Scams & Cybercrime

Federal Court Imposes A$57.5m Penalty Against NAB Units

13/09/2020

NULIS Nominees and MLC Nominees admitted to misleading or deceptive conduct, false or misleading representations, and breaches of the ASIC Act and Corporations Act.

Reporting & Disclosures

Standard-setters Kick Off Initiative to Harmonise Sustainability Reporting

13/09/2020

The IFRS Foundation is proposed as the body that is “optimally positioned” to lead and coordinate the creation of a new sustainability standards board.

Structural Regulation

Changes to Hong Kong OFC Regime Take Effect Immediately

13/09/2020

Private OFCs are no longer subject to investment restrictions and securities brokers are now eligible to be OFC custodians, among other changes.

Market Abuse

Shenzhen’s ChiNext Board Under Scanner for Corruption Risk

13/09/2020

China’s anti-graft watchdog is looking into whether wild swings may have been caused by insider trading or manipulation involving exchange officials.

PEPs & Sanctions

OFAC Settles Deutsche Bank Trust Sanctions Violations

13/09/2020

The settlement covers a large payment linked to a designated oil company and 61 payments made to a sanctioned bank in 2015.

Credit Risk

S. Korea Unveils Details of New Consumer Credit Bill

13/09/2020

The bill obliges lenders to offer debt restructuring plans to delinquent borrowers if such a request is made, and places restrictions on the use of debt collection agencies.

Fraud, Scams & Cybercrime

Japanese Police Probe Thefts from NTT Docomo E-money Service

11/09/2020

NTT Docomo reportedly did not notify many of its partner banks after similar thefts last year, a warning which may have allowed them to bolster authentication protocols.