Securities / Derivatives

CSRC Grants Citigroup Approval to Launch Custody Business

01/08/2021

The licence allows Citi to provide custody services for fund products issued by fund firms or other asset managers in China.

Enforcement

China: Another Ex-Banking Regulator Under Corruption Probe

01/08/2021

Cai Esheng served as CBRC vice chairman for eight years. He was in charge of supervising non-bank financial institutions.

AML / KYC

AUSTRAC Consults on AML/CTF Rule Amendments

31/07/2021

The amendments allow FIs to carry out ACIP on a customer after an account is opened, provided the initial deposit is the only transaction made at opening.

Market Infrastructure

ARRC Formally Recommends CME Group SOFR Term Rates

31/07/2021

Forward-looking term rates are needed for syndicated and bilateral corporate loans, as well as in the CLO and leveraged loans markets.

Capital / Liquidity

Malaysia Establishes Policy on Recovery and Resolution Planning

31/07/2021

Financial institutions will be required to submit their first recovery plans within 18 months from the date they receive a request from BNM.

Fintech / Regtech

BSP Grants Fourth Digital Bank Licence to UnionBank

31/07/2021

UnionBank is the latest to receive the licence after Landbank’s Overseas Filipino Bank, Tonik Bank, and UNOBank.

Market Infrastructure

ISDA, NAFMII Publish Standard Text to Enable IBOR Fallbacks in China

31/07/2021

New definitions will come into effect on 29 October 2021 to enable firms to include contractual IBOR fallbacks into onshore derivatives transactions.

Enforcement

ASIC Files Suit Against AMP Over Superannuation Fees

30/07/2021

AMP companies are said to have charged advice fees to more than 1,500 customers despite being notified they were no longer able to access the relevant advice.

Market Infrastructure

ASX to Replace Standard Definitions for Interest Rate Swaps

29/07/2021

From 4 October, all OTC interest rate derivatives contracts will be treated as if they incorporated the new 2021 ISDA Definitions.