AI Risk & Governance

Apiax Named ‘One to Watch’ in Compliance Automation

15/12/2020

Apiax was recognised for technology that enables financial institutions to turn complex regulations into digital compliance rules.

Structural Regulation

Hong Kong Audit Regulator Gains Access to Chinese Audit Papers

15/12/2020

“This is a landmark moment for cross-border cooperation in the investigation of auditing irregularities,” said Financial Reporting Council chairman Kelvin Wong.

Capital Adequacy

APRA Removes Bank, Insurer Restrictions on Dividend Payouts

15/12/2020

Even in a ‘Severe Downside’ scenario, the CET1 capital ratio of the banking system would remain well above the 4.5 percent minimum capital requirement.

Structural Regulation

StanChart Permitted to Establish Digital Bank in Singapore

14/12/2020

StanChart was named Singapore’s first Significantly Rooted Foreign Bank in August. New privileges allow it to secure an additional full bank licence to establish a digital banking subsidiary.

Trading & Investment

Bursa Malaysia, Shenzhen Bourse Cross-Promote Indices

14/12/2020

Bursa and the SZSE will each display three key indices from each other’s market, as part of efforts to increase visibility and create opportunities for cross-border investment.

Conduct, Culture & Accountability

ASIC Warns Against Noncompliance with Conflicted Remuneration Ban

14/12/2020

ASIC issued updates to RG 246 that would reflect the end grandfathering of conflicted remuneration for financial product advice from 1 January 2021.

Structural Regulation

Australia to Further Streamline Financial Advice Regulations

14/12/2020

Streamlining the number of bodies involved in financial adviser oversight will reduce complexity and add value for retail investors, said SAFAA CEO Judith Fox.

KYC & CDD

PBOC Approves Establishment of Second Personal Credit Agency

14/12/2020

The agency will be jointly owned by the Beijing government, JD.com, Xiaomi and facial recognition start-up Megvii Technology.

Conduct, Culture & Accountability

ASIC Provides Guidance on Product Design and Distribution Obligations

14/12/2020

The new regulatory guide addresses demand from industry for ASIC guidance as it prepares for the obligations to take effect on 5 October 2021.