ASIC Tightens Timeframe for Complaints Handling in Financial Sector

30/07/2020

Superannuation trustees have 45 days to respond to a complaint, compared to 90 days previously. Other financial services and credit providers have 30 days.

Market Infrastructure

Reserve Bank of New Zealand Bill Introduced in Parliament

30/07/2020

The Bill focuses on reforming RBNZ’s overall institutional, governance, accountability, and funding arrangements, effectively updating 30-year-old legislation.

Fintech / Regtech

WeLab Bank Announces Public Launch of Virtual Banking Services

30/07/2020

WeLab Bank was the only stand-alone company to win a virtual bank licence from the HKMA. It commenced pilot services in April.

Securities / Derivatives

Malaysia Issues Director Conduct Guidelines for Listed Issuers

30/07/2020

The guidelines set out the obligations of directors of listed companies and their subsidiaries, and requirements for the establishment of group-wide frameworks.

AML / KYC

China Should Reduce SWIFT Use in Case of US Sanctions – Report

30/07/2020

China should prepare for potential US sanctions by increasing the use of CIPS for cross-border transactions, and by developing legislation similar to the EU’s blocking statute.

BNM: Banks Agree on Flexible Approach to Loan Repayments

29/07/2020

As the blanket loan moratorium announced in March is due to end, banks have agreed to provide borrowers various repayment flexibilities depending on their specific circumstances.

AML / KYC

HK Police Arrest Five in Transnational Credit Card Fraud Probe

29/07/2020

The syndicate members allegedly used credit card details stolen from cardholders in Singapore, US and Europe to make fraudulent online purchases of electronic products in Hong Kong.

Securities / Derivatives

BSP Excludes Market-making Activities from Single Borrower Limit

29/07/2020

Debt securities acquired by banks from market-making activities will be excluded from the single borrower’s limit computation for 90 calendar days from the time of acquisition.

Enforcement

SEBI Offers One-time Settlement for 500+ Errant Brokers

29/07/2020

SEBI identified instances where trading participants were consistently making losses on stock options trading, only to reverse the losses later in the day or the next day.