Capital / Liquidity

BSP Offers Banks Mark-to-Market Relief, Cuts Liquidity Requirements

08/04/2020

The accounting relief allows banks to effectively reverse unrealised losses resulting from a change in fair value. The MLR cut frees up almost $200mn for smaller lenders.

Enforcement

Australia: 10yr Jail Term Imposed for Superannuation Misappropriation

08/04/2020

The director of a group of companies used A$1.2mn from self-managed superannuation funds intended for property investments to “fund a lavish lifestyle”.

APRA Suspends Issuance of New Licenses

08/04/2020

Given the challenges new entrants face even under normal economic conditions, APRA does not consider it prudent to license new entities for at least the next six months.

Securities / Derivatives

Hong Kong to Implement Paperless Securities Market from 2022

08/04/2020

Submissions to a January 2019 consultation indicate strong support for the implementation of an uncertificated securities market in Hong Kong.

Securities / Derivatives

BOT to Stabilise Corporate Bond Market, Ramp Up SME Support

08/04/2020

Among the new measures announced are six-month loan payment holidays and new low-cost loans for SMEs, and the establishment of a corporate bond stabilisation fund.

AML / KYC

Malaysia: BNM to Implement New Currency Law

08/04/2020

BNM will continue to consult on an economy-wide cash transaction limit, which it will be able to implement under the Currency Act 2020.

Capital / Liquidity

Sri Lankan Brokers Prohibited from Charging Interest on Margin Loans

08/04/2020

The central bank has also suspended overseas investment and outward remittances by Sri Lankan residents, and cut interest rates for the second time in three weeks.

Market Infrastructure

ASIC, APRA Offer Best Practice Recommendations on LIBOR Transition

08/04/2020

ASIC, APRA and the RBA warn that a failure to transition to alternative reference rates could lead to significant reputational, operational and legal risk and disrupt financial markets.

Enforcement

RBI to Establish New Banking Fraud Oversight Division

08/04/2020

The initiative has reportedly been sped up in response to recent frauds at Yes Bank and Punjab National Bank.