Data Privacy

ACCC Extends Consumer Data Right to Business Customers

29/12/2020

The amendments will encourage CDR participation by expanding its benefits to more businesses, including companies and partnerships, the ACCC said.

Clearing & Post-Trade

HKEX Clears First Cross Currency Swaps for Japanese FIs

29/12/2020

Japan’s FSA granted HKEX’s OTC Clear a licence allowing it to offer clearing services to Japanese financial institutions in January 2020.

Structural Regulation

NYSE Gets SEC Green Lights to Allow Direct Listings

29/12/2020

Companies will be able to directly sell shares in an auction without a traditional underwriter, enabling investors to participate in new listings more readily.

Cryptocurrency

IOSCO Offers Guidance on Educating Investors on Crypto Asset Risk

29/12/2020

The report identifies the possible risks to retail investors in crypto-assets and describes how regulators can help inform them about these risks.

Conduct, Culture & Accountability

ASIC Demands Better Practices to Improve Audit Quality

29/12/2020

ASIC is currently considering or progressing enforcement action for auditor misconduct in twelve cases, as part of efforts to improve audit quality.

Credit Risk

Philippines: BSP to Standardise MSME Loan Applications

24/12/2020

A standard business loan application form will simplify and improve the application process, while also facilitating banks’ risk assessments and speeding up turnaround time.

Anti-Money Laundering

CBIRC Takes Control of Trust Company Accused of Embezzlement

24/12/2020

A joint working team comprising CBIRC and local government officials was dispatched to Sichuan Trust to supervise operations and carry out a management reshuffle.

Anti-Money Laundering

SFC to Require OFCs to Appoint Responsible Person for AML

23/12/2020

The requirement replaces an earlier proposal for OFCs to maintain a significant controllers register, which was deemed too operationally burdensome.

Payments & Settlements

Shanghai International Energy Exchange Optimises FX Conversion Model

23/12/2020

To date, FX conversion has been carried out daily. Under the new model, FX conversion can be carried out for overseas participants on a monthly basis.