Structural Regulation

Philippines Streamlines Bank Merger Application Processes

07/11/2021

A five agency agreement will see documentary requirements cut in half and total processing times reduced from 160 to 55 business days.

Reporting & Disclosures

FCA Seeks Input on Disclosure, Labelling System for ESG Products

07/11/2021

The FCA is seeking views on product classification and labelling criteria for sustainable investment products, as well as asset manager and product-level disclosures.

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.