Conduct, Culture & Accountability

BSP Issues Rules to Implement New Financial Consumer Protection Law

04/12/2022

The BSP will be able to adjudicate cases involving financial transactions that are of civil nature and order reimbursements up to PHP 10 million.

Fraud, Scams & Cybercrime

US Banks Preparing to Accept More Liability for Zelle Frauds

04/12/2022

Under the planned rules, member banks would be responsible for certain fraudulent transactions made on the Zelle network, even if self-initated by the customer.

Anti-Bribery & Corruption

FCA Fines Julius Baer UK Unit for Over ‘Corrupt’ Finders Fees

03/12/2022

Julius Baer improperly paid “corrupt” finder’s fees to a Yukos Group employee in exchange for business from the now-defunct Russian conglomerate.

Conduct, Culture & Accountability

US Financial Firms to Spend $18bn on Surveillance Tech This Year

03/12/2022

The increased spending comes after multiple financial firms were fined for failing to monitor and keep records on employees’ communications via messaging apps.

Conduct, Culture & Accountability

IOSCO Offers Guidance to Regulators on Investor Education, Protection

03/12/2022

IOSCO report proposes seven sound practices for regulators to consider when designing financial and investor education initiatives, particularly during periods of crisis.

Trading & Investment

China to Pilot Commercial Pensions to Supplement New Private Pension Scheme

03/12/2022

China launched its private pension scheme in 36 cities on 25 November. Commercial pension trials will start in 10 cities on 1 January.

Reporting & Disclosures

ASIC Fines Vanguard Australia for ‘Greenwashing’ in Funds

02/12/2022

Vanguard’s exclusion was meant to prevent investment in companies that sell tobacco products, but its screen only excluded manufacturers and not sellers.

Structural Regulation

CSRC Lifts Equity Financing Ban for Property Firms

02/12/2022

The CSRC is allowing listed developers to conduct equity financing, mergers and acquisitions, corporate restructurings, private share placements, and overseas fundraising.

Data Privacy

APRA Pledges to Minimise Burden of New Data Collections

02/12/2022

APRA says it is committed to “early and frequent” engagement with the industry on its new data collections, what it calls a “co-design approach”.