Enforcement

ASIC Takes ANZ Bank to Court for Unlawful Fees

26/07/2019

ANZ charged fees on transactions between its customers’ own accounts, despite the fees only being applicable to transactions made to “another person or business”.

Market Infrastructure

NSE Clearing Retains Dominance as Interoperability Kicks In – Report

25/07/2019

Trading members and custodians have largely selected NSE Clearing over ICCL to settle trades in the equity cash segment following the introduction of clearing corporation interoperability.

Market Infrastructure

MAS Consults on Subsidiary Legislation for Winding Up VCCs

25/07/2019

The MAS is seeking feedback on proposed subsidiary legislation relating to the insolvency and winding up of a VCC and its sub-funds.

Enforcement

China Hands IPO Bans to 139 Funds on STAR Market Violations

25/07/2019

The funds were handed bans of 6 and 12 months for making IPO applications for shares on Shanghai’s new tech board that exceeded the size of their investments.

Capital / Liquidity

APRA Orders Three Banks to Tighten Group Funding Arrangements

25/07/2019

Macquarie, Rabobank and HSBC had provisions in group funding agreements that could allow funding to be withdrawn in a stress scenario, potentially undermining their stability.

Fintech / Regtech

First Non-Financial Firm Approved to Raise Stake in Korean Digital Bank

25/07/2019

According to the FSC, messenger app operator Kakao has met the qualification criteria for owning a 34% stake in Kakao Bank, one of Korea’s two internet-only banks.

Capital / Liquidity

PBOC Sets Out Beijing Penalties for Deposit Reserve Violations

24/07/2019

Draft measures from the PBOC set out four types of penalties Beijing-based financial institutions must pay when their deposit reserves fall below statutory requirements.

Capital / Liquidity

CBIRC to Launch Special Inspections Targeting Property Lending Practices

24/07/2019

The special inspections will reportedly involve 75 banks in 30 cities, scrutinising all aspects of property-related loans, as regulators seek to rein in risk.

Enforcement

Equifax to Pay Up to $700m to US Authorities for 2017 Data Breach

24/07/2019

The penalty amounts allocated to the consumer compensation fund represent less than 3 US dollars for each of the estimated 147 million consumers who had their data stolen in 2017.