Resolution & Recovery

MCA Releases Interim Rules for Handling NBFC Insolvency

20/11/2019

The framework will serve as an interim mechanism to deal with any urgent situation at systemically important NBFCs, pending the introduction of a full resolution framework.

Structural Regulation

CSRC Solicits Comments on Revised Rules for Futures Exchanges

20/11/2019

The CSRC has revised its rules for futures exchanges to align with new developments, existing futures market practices, and international standards, as well as to improve front-line supervision.

Data Privacy

BCBS Examines Evolution, Risks of Open Banking

20/11/2019

While open banking has the potential to transform banking services and bank business models, greater attention must be paid to the risks that come with increased data sharing.

Conduct, Culture & Accountability

APRA’s New Approach to Managing Non-Financial Risks

20/11/2019

APRA has published a new information paper setting out a tougher approach to lifting standards of governance, culture, remuneration and accountability across the financial industry.

Resolution & Recovery

FSC Korea Launches Bankruptcy Financing Firm for SMEs

20/11/2019

The new firm will offer “debtor-in-possession” loans to SMEs, allowing incumbent chief executives to remain in control during restructuring.

Conduct, Culture & Accountability

CCB, Ping An Singled Out for Violating Small Business Lending Rules

20/11/2019

CBIRC spot checks have revealed that small businesses were forced to buy in-house insurance products as conditions for obtaining financing at Beijing branches of the two banks.

Anti-Money Laundering

AUSTRAC Commences Legal Action Against Westpac for AML Breaches

20/11/2019

According to AUSTRAC’s statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.

Conduct, Culture & Accountability

ASIC Formalises Adviser Relief from Compliance Scheme Obligations

19/11/2019

The relief is granted through a legislative instrument that state that the suspension of the compliance scheme framework applies until 31 October 2022.

Trading & Investment

SEBI Mandates Mapping of Brokers’ Client Codes with Demat Accounts

19/11/2019

The measure has been put in place to detect the diversion of client securities by brokers at an early stage so allow for appropriate preventive measures.