Trading & Investment

Macau Submits Securities Market Proposal to Chinese Authorities

17/10/2019

A senior Guangdong official who reportedly helped Macau authorities prepare the proposal said he hopes the central government will approve the plan by mid-December.

Resolution & Recovery

Japan, EU to Cooperate on Cross-border Resolution Planning

17/10/2019

Through an exchange of letters, Japan’s FSA and the EU’s SRB have agreed to cooperate to plan for and conduct orderly cross-border resolutions of banks.

Anti-Money Laundering

Japan Banks Exit Forex Business Amid AML Cost Concerns

17/10/2019

While smaller banks are exiting the foreign exchange business entirely, larger banks are raising counter service fees for overseas remittances.

Conduct, Culture & Accountability

Disclosure Can Contribute to Customer Harm: ASIC

17/10/2019

Disclosure can backfire in unexpected and harmful ways and should not be relied upon by itself to drive good consumer outcomes, ASIC says in a joint report with the Dutch regulator.

Supervision & Enforcement

KEB Hana Under Added Scrutiny for Document Deletion

17/10/2019

KEB Hana Bank is said to have deleted data related to the sale of derivative-linked funds after the FSS had already declared its intent to conduct inspections at the bank.

Emerging Prudential Risks

PBOC Clarifies Definition of ‘Non-standard’ Credit Assets

17/10/2019

The clarification is important for new rules that will impose a cap on investments in non-standard credit assets by banks’ wealth management products.

Fraud, Scams & Cybercrime

RBI Deploys New Reporting System for Cooperative Banks

17/10/2019

Following the $560mn fraud detected at PMC Bank, the RBI is ordering all cooperative banks in the country to perform their daily reporting via the new system.

Structural Regulation

China Further Opens Banking, Insurance Sectors to Foreign FIs

16/10/2019

Effective immediately, foreign financial institutions can establish wholly-owned banks in China, which can be operated alongside foreign bank branches and Sino-foreign joint venture banks.

Clearing & Post-Trade

FSB Reports on OTC Derivatives Reform Progress

16/10/2019

Comprehensive trade reporting requirements are in force in 23 of 24 FSB member jurisdictions, and authorities are increasingly making use of trade repository data.