Conduct, Culture & Accountability

ASIC to Assume Responsibilities for Financial Advice Industry

07/11/2021

Financial advisers providing personal advice to retail clients have to register with ASIC by 1 January 2023. ASIC will also administer the financial adviser exam.

Anti-Money Laundering

India Undergoes National Risk Assessment on ML/TF Risks

07/11/2021

Central agencies including the RBI have been tasked with evaluating sectors that are vulnerable to ML/TF risks. India’s mutual evaluation is expected to take place around May 2022.

Market Abuse

FCA Bans Ex-Barclays Banker for Life Over EURIBOR Rigging

07/11/2021

The decision comes after the former banker lost an attempt to overturn his 2019 conviction and sentencing to five years in prison.

Capital Adequacy

Japan FSA Proposes Revisions to Leverage Ratio Requirements

07/11/2021

For internationally-active banks, the new leverage ratio requirements will commence from 31 March 2023 and for other banks one year later.

Data Privacy

Australia Open Banking Regime Reaches New Milestone

07/11/2021

Major banks can enable data sharing for corporate customers and business partnerships. Non-major banks face enforcement action for non-compliance with their data sharing obligations.

Conduct, Culture & Accountability

Australia Tables Final Tranche of Royal Commission-related Bills

06/11/2021

Legislation was introduced to establish the FAR and CSLR. Separate bills were introduced to improve the superannuation system and outcomes for litigation funding participants.

Conduct, Culture & Accountability

Bank Compensation Practices More Advanced Than Other FIs: FSB

05/11/2021

The use of balanced scorecards based on KPIs in determining compensation is “critical” to promoting a sound risk culture in a firm, the FSB says.

Data Privacy

China Further Tightens Rules on Cross-border Data Transfers

05/11/2021

Government reviews will be mandatory if data exporters handle personal data of more than 1 million residents, or the “sensitive” personal data of more than 10,000 people.

Climate Risk

NGFS Members Reaffirm Commitment to Climate Action

05/11/2021

The “NGFS Glasgow Declaration” pledges central banks and supervisors to continue fostering action on climate change and greening the financial system.