Market Infrastructure

RBNZ Launches New Payment Settlement System

27/02/2020

Replacing a 20-year old system, the new payment settlement platform comprises an RTGS system known as ESAS 2.0 and a central securities depository called NZClear 2.0.

Market Infrastructure

Australia Finalises ISO 20022 Migration Approach for Payment System

27/02/2020

From November 2021, all intermediaries for incoming cross-border payments must be able to receive ISO 20022 enhanced message content, and to pass on those messages in full.

Securities / Derivatives

HK FSDC Survey Highlights Regulatory Challenges in Wealth Management

26/02/2020

Survey and focus group participants highlighted KYC challenges, a lack of clarity on client suitability requirements, and overly onerous investor protection measures impeding professional investors.

Bangladesh Bank Caps Lending Rate at 9pc, Effective in April

26/02/2020

Bangladesh Bank has instructed banks to set a maximum 9 percent interest rate on all loan products except credit cards by 1 April.

Market Infrastructure

Myanmar Credit Bureau to Commence Operations in April

26/02/2020

It will take up to one year for the credit bureau to collect sufficient and meaningful credit data on local businesses before it will be provided to lenders.

Enforcement

ASIC Probes Brokers for Exploiting Wholesale Investor Rules – Report

26/02/2020

Some stockbrokers reportedly mis-classified retail clients as sophisticated investors in order to sell them poor-performing listed investment funds.

Securities / Derivatives

ASIC Proposes to Reduce Red Tape for Companies Planning IPOs

26/02/2020

ASIC proposes to grant conditional relief for voluntary escrow arrangements and pre-prospectus communications to existing shareholders and employees.

Market Infrastructure

RBNZ Estimates Cyber-attacks Cost Financial Sector NZ$144m Annually

26/02/2020

More extreme events have a low probability but are still plausible, illustrating the importance of managing cyber resilience effectively, the RBNZ says.

Market Infrastructure

ISDA Launches New Consultation on Pre-cessation Fallbacks

25/02/2020

ISDA seeks input on whether to add a pre-cessation trigger to the permanent cessation fallbacks it is implementing for LIBOR in its standard documentation.