Structural Regulation

ASIC Extends Licensing Relief for Foreign Firms Ahead of New Regime

12/09/2019

The extension of licensing relief allows foreign financial services providers just over six months to decide whether they will apply for the new foreign AFS licence.

Conduct, Culture & Accountability

AFCA Clarifies How it Will Assess Legacy Complaints

12/09/2019

AFCA ombudsman Shail Singh says legacy complaints will be assessed against laws, industry practices and applicable standards in force at the time of the misconduct.

Conduct, Culture & Accountability

Japan Brokerage Sanctioned for Giving a Client Preferential Treatment

12/09/2019

A former baseball star and member of Japan’s Parliament was allowed to continue trading derivatives despite persistent margin shortfalls over about 9 months.

Conduct, Culture & Accountability

BSP Revises Rules to ‘Institutionalise’ Consumer Protection at Banks

11/09/2019

The BSP has revised its financial consumer protection framework to ensure banks conduct their business ethically and refrain from practices that may cause harm to consumers.

Conduct, Culture & Accountability

ASIC to Appeal Westpac Responsible Lending Case Dismissal

11/09/2019

ASIC says last month’s federal court’s ruling in favour of Westpac creates uncertainty as to what is required for a lender to comply with its loan assessment obligations.

Emerging Prudential Risks

FSC Korea Gets New Chairman, Eun Sung-soo

11/09/2019

In his inauguration speech, the new FSC chairman Eun Sung-soo vowed to act quickly if financial market volatility increases.

Supervision & Enforcement

SFC Fines HSBC HK$2.1m for Phone Recording Failures

11/09/2019

Voice recording was inadvertently not enabled on some private banking service lines, resulting in over 5,800 client order instructions not being tape-recorded.

Anti-Money Laundering

AUSTRAC Order A$250,000 Fine Against Compass Global Holdings

11/09/2019

AUSTRAC says Compass Global Holdings failed to report international funds transfers between 2018 and 2019.

Clearing & Post-Trade

Euroclear to Establish Link with China Interbank Bond Market

10/09/2019

The link will seek to simplify the process for foreign investors accessing the China interbank bond market and bring its cross-border settlement mechanism in line with global standards.