Credit Risk

HKMA Rules on Bank Exposure Limits to Take Effect From 1 July

25/06/2019

Under the rules, authorised institutions are subject to a statutory limit of 25% of capital on financial exposure to any one person or group of related persons.

Fraud, Scams & Cybercrime

Bangladesh: Three Private Banks Hit by Cyber Attacks

25/06/2019

Hackers stole $3m from Dutch-Bangla Bank using cloned credit cards and cash machines in Cyprus, Russia and Ukraine.

Conduct, Culture & Accountability

Australia: New Banking Code of Practice Set to Take Effect

25/06/2019

The ABA’s new Banking Code of Practice takes effect from 1 July. Lenders have welcomed the changes, but the FBAA says brokers shouldn’t sign the financial abuse declaration form.

Capital Adequacy

BCBS Issues Report on Pillar 2 Supervisory Review Practices

24/06/2019

The report describes the key concepts of Pillar 2 and the different practices in use across Basel Committee member jurisdictions.

Trading & Investment

Stock Connect Investors Gain Access to Onshore Yuan Rates

24/06/2019

Under the new arrangement, northbound Stock Connect investors will be able to hedge yuan exposures using the onshore exchange rate for the first time.

Structural Regulation

New Zealand to Introduce Licensing Regime for Financial Advisers

24/06/2019

The new regime will require all New Zealand financial advisers to be licensed by the FMA, effective from June 2020.

Trading & Investment

Hong Kong SFC Releases 2018-19 Annual Report

24/06/2019

The SFC is working to introduce an investor identification regime for southbound Stock Connect trading in mid-2019, and considering adopting a market-wide circuit breaker mechanism.

Market Abuse

Shanghai Court Jails Former UBS Banker for Insider Trading

24/06/2019

The banker disclosed deal information to two associates in 2017, allowing them to profit from inside information related to Cosco Shipping’s acquisition of Orient Overseas.

Payments & Settlements

Mirae Asset Daewoo to Launch Payments Business

21/06/2019

The FSC lifted restrictions barring brokerage firms from entering the payments business last December. WeChat Pay will be used in Mirae Asset Daewoo’s new payment gateway.