HKMA Eases Audio-Record Requirement for PLP Sales

01/09/2023

Banks selling PLP products can adopt other post-sale controls instead of audio recording the entire selling process.

Market Infrastructure

ASIC, RBA Set Expectations for ASX Industry Engagement

01/09/2023

ASIC and the RBA directed ASX to use its new advisory group to seek advice on Australia’s possible implementation of T+1 settlement.

Capital / Liquidity

Investors Sue MUFG Unit Over Credit Suisse AT1 Losses

01/09/2023

The plaintiffs say Mitsubishi UFJ Morgan Stanley Securities sold them the AT1 bonds without providing sufficient explanations and in violation of suitability rules.

Chinese Regulators Ask Citic, CCB Units to Stabilise Zhongrong

01/09/2023

Citic Trust Co and CCB Trust Co are asked to stabilise operations at Zhongrong International Trust, which defaulted on its investment products in August.

Securities / Derivatives

PBOC Pledges to Ease Funding Access for Private Enterprises

01/09/2023

Lenders will be required to set annual goals for lending to private enterprises; this lending will carry extra weight in banks’ performance reviews.

Enforcement

UK Discloses Russia Sanctions Breach by Wise Payments

01/09/2023

The disclosure is meant to act as a form of censure and deterrent, while also providing compliance lessons. No monetary penalty was imposed.

Securities / Derivatives

Almost 100 Superannuation Products Fail APRA Performance Test

31/08/2023

AMG MySuper failed the test for the third consecutive year; 96 trustee-directed products also failed the test.

Enforcement

Korea Reopens Investigations into Handling of Lime Funds

31/08/2023

Search and seizure operations were carried out at two securities firms on Thursday. Additional inspections at a third firm.

Fintech / Regtech

India, New Zealand Start Talks on UPI-based Payments Link

30/08/2023

NPCI and Payments NZ are in early discussions regarding the use of the UPI system to establish a cross-border payment link.