BSP Proposes to Impose Cap on Credit Card Finance Charges

31/08/2020

The BSP says it is looking to impose a maximum finance charge equivalent to an effective annual interest rate of 24 percent for credit card cash advances and installment purchases.

Market Infrastructure

APRA Issues 3rd Consultation Package on Superannuation Data Collection

30/08/2020

The third package contains consultation materials covering four areas: expense reporting, asset allocation, insurance arrangements, and fees and costs.

Securities / Derivatives

CSRC Grants BlackRock Approval For Fully-owned Mutual Fund Unit

30/08/2020

The approval makes the BlackRock the first foreign financial institution to receive approval to set up a wholly-owned mutual fund unit in China.

Market Infrastructure

Japan FSA to Ease Administrative Procedures for Foreign Entrants

30/08/2020

The FSA will soon release financial administration guidelines setting out measures that may make it easier for foreign firms to set up in Japan.

Fintech / Regtech

FSC Taiwan Unveils Three-year Fintech Development Roadmap

30/08/2020

The roadmap includes a new fintech examination and licensing system, to be introduced by 2022, and consent-based data sharing as part of an open banking push.

Securities / Derivatives

Shenzhen Bourse to Allow Dual Class Share Structures

30/08/2020

Lawmakers passed a rule allowing companies with dual class share structures to incorporate and list on the Shenzhen Stock Exchange, part of broader reforms to improve the market’s appeal.

Crypto / Digital Assets

Brokers Push Back Against ASIC Proposal to Limit CFD Leverage

30/08/2020

Foreign exchange brokers expressed concerns that the proposals are overly stringent, infringe on investor freedoms, and may result in regulatory arbitrage.

Securities / Derivatives

ASIC Grants Regulatory Relief for Companies Planning IPOs

28/08/2020

ASIC is granting relief for voluntary escrow arrangements and pre-prospectus communications to security holders and employees to reduce IPO red tape.

Enforcement

APRA Imposes Licence Conditions on NAB Unit NULIS Nominees

28/08/2020

NULIS Nominees is required to improve its governance and control environment, and ensure members’ best interests are prioritised in its decision-making.