Enforcement

Australia: Banks Work Towards Swift Resolution of Advice Failures

22/06/2020

Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.

Capital / Liquidity

Taiwan Banks Have Stable Risk-bearing Capacity, Adequate Capital: FSC

22/06/2020

Taiwan’s FSC says only a few banks did not pass their stress tests, but they would have if new capital raised this year was taken into account.

Securities / Derivatives

SSE Revamps Index Methodology to Better Reflect Market Performance

22/06/2020

Index stocks with risk warnings will be removed, CDRs and STAR Market stocks will be included, and the timeframe for including newly-listed stocks will be extended.

Fintech / Regtech

Singapore: AMTD, Xiaomi Finance Launch Digital Finance Programme

22/06/2020

AMTD and Xiaomi Finance will provide S$5mn to support to enable SMU and NUS-ISS to build curriculum and teaching resources for a digital finance leadership programme.

Market Infrastructure

CSRC to Further Promote Shanghai as International Financial Centre

22/06/2020

The pace of opening up China’s capital market has further accelerated, in spite of the Covid-19 pandemic, CSRC chairman Yi Huiman said at the 12th Lujiazui Forum in Shanghai on Thursday.

Enforcement

ATO Warns of Penalties for Wrongful Early Super Withdrawal

21/06/2020

The ATO is using income tax returns and other data to ascertain whether applicants are in fact eligible. Those making false statements to meet the eligibility criteria will face penalties.

AML / KYC

Singapore Court Charges Two for North Korea Linked Bank Fraud

21/06/2020

The two are accused of falsifying invoices to conceal from UOB and OCBC the sale of sugar to North Korea entities. One of the individuals is also on the FBI’s most-wanted list.

Capital / Liquidity

Chinese Officials Ask Banks to ‘Bear the Costs’ of Rising Bad Debt

21/06/2020

Chinese banks are asked to sacrifice 1.5tr yuan in 2020 profits to support businesses through lower lending rates and fees, loan repayment deferrals, and bad debt write-offs.

Capital / Liquidity

RBI Unveils Regulatory Framework for Housing Finance Companies

19/06/2020

The new framework introduces enhanced capital and liquidity requirements for HFCs, and restrictions on intra-group exposures, among other changes.