ASIC was reportedly found to have accepted expensive gifts and hospitality from financial firms including Macquarie Bank even as it was under multiple investigations by the corporate regulator.
Concerned about the concentration risk posed by the NPCI, the central bank has proposed relaxing some requirements for new firms looking to operate payment systems in India.
Former RCBC bank manager Maia Santos-Deguito faces 49 years imprisonment and fines of up to $110mn for her role in the February 2016 theft of $81mn from Bangladesh’s central bank.
Urjit Patel has resigned from his post as governor of the RBI, citing personal reasons, soon after a public dispute erupted between the central bank and the government.
Basel III and OTC derivatives reforms were on track and broadly achieving their intended goals. High public debt and rising non-bank financial intermediation remain a focus area for the FSB.
The industry body has updated its 2015 framework for CCP risk management to include more robust and transparent margining and higher skin in the game.
ISDA will likely look to the 'compounded setting in arrears rate' and the 'historical mean/median approach' to spread adjustment for RFRs that will replace discontinued IBORs.
The FSB has recommended a data framework for national regulators to assess bank compensation policies and practices in regard to misconduct risk.
While a number of legal barriers on reporting and accessing of trade data have been removed, some still remain. China’s position on trade data access remains uncertain.
The FSB found progress in OTC reform implementation on among 24 member jurisdictions, with great strides on trade reporting and higher capital on non-centrally cleared derivatives.