Payments & Settlements

US Court Rules Against Citigroup Over Revlon Error Payment

18/02/2021

The federal judge ruled that a group of asset managers are not required to return $501mn that Citigroup mistakenly paid early on behalf of Revlon last August.

Structural Regulation

UK Consults on Legal Safe Harbour to Manage LIBOR Wind-down

18/02/2021

The consultation seeks views on whether a legal safe harbour could be a helpful supplement to the provisions inserted into the BMR by the Financial Services Bill.

Credit Risk

Philippine President Duterte Signs ‘Bad Bank’ Bill Into Law

17/02/2021

The law will help cushion lenders from a build-up of bad loans due to the Covid-19 crisis, allowing them to dispose of bad assets and keep the banking system stable.

Payments & Settlements

Bangladesh to Launch New Interbank Money Market Platform

17/02/2021

The platform will help to promote more efficient liquidity movements among conventional banks and NBFIs, said a Bangladesh Bank official.

Structural Regulation

SC, Bursa Malaysia Grant Additional Relief for Listed Issuers

17/02/2021

Listed issuers allowed an automatic 1-month extension to prepare financial statements. Those impacted by Covid-19 are granted more time to regularise operations.

Credit Risk

Korean Banks to Extend Loan Payment Deferment Programme

17/02/2021

Following talks with FSC Chairman Eun Sung-soo, five major banking groups agreed to extend the loan deferment programme until September.

Clearing & Post-Trade

RBI Allows Banks to Post Margin Onshore for Offshore Clients

17/02/2021

AD Cat-I Banks may post and collect margin in India for a permitted derivative contract entered into with a person resident outside India.

Conduct, Culture & Accountability

ASIC Seeks Penalties from CBA for Overcharged Interest

17/02/2021

Due to a systems error, CBA charged more than 1,510 customers a higher interest rate than they were advised, amounting to A$2.2 million in overcharged interest.

Conduct, Culture & Accountability

Australia: Licencing Regime for Debt Management Firms Wins Support

17/02/2021

The ABA suggests that ASIC be charged with supervising fee structures of debt management firms to further protect consumers, among other recommendations.