Supervision & Enforcement

BaFin, FREP Were Deficient in Supervising Wirecard, says ESMA

04/11/2020

ESMA says it identified deficiencies, inefficiencies and legal and procedural impediments in the supervisory response to Wirecard between 2016 and 2018.

Cybersecurity

HKMA Launches Upgraded Cybersecurity Fortification Initiative

03/11/2020

CFI 2.0 streamlines the cyber resilience assessment process, incorporates international practices on incident response and recovery, and facilitates the development of the local talent pool.

Capital Adequacy

BCBS Updates G20 Leaders on Basel III implementation

03/11/2020

Most member jurisdictions have final rules in place for Basel III standards, though some are yet to come into force. China has progressed on TLAC rules.

Anti-Money Laundering

MAS to Discontinue S$1,000 Note to Prevent Money Laundering

03/11/2020

Large denomination notes allow individuals to carry large values of money anonymously, and can facilitate money laundering and other illicit activities, MAS says.

Emerging Prudential Risks

RBA Cuts Cash Rate to Record Low, Confirms More Bond-buying

03/11/2020

The official cash rate is expected to remain at 0.1 for three years. The RBA will also buy A$100bn of government bonds over the next six months.

Cybersecurity

Fintech-related Regulatory Initiatives Accelerated by Covid-19

03/11/2020

Most regulators either accelerated or introduced new innovation initiatives in response to Covid-19. No such initiatives were cancelled, says a report from the World Bank and CCAF.

Structural Regulation

Chinese Regulators Force Suspension of Ant Group IPO

03/11/2020

The Shanghai and Hong Kong IPOs have been suspended following supervisory interviews with Jack Ma and two other executives. Ant was due to start trading on Thursday.

Credit Risk

PBOC, CBIRC Issue Draft Rules for Small Loans Businesses

03/11/2020

Microfinance businesses must have a registered capital of at least CNY 1 billion. Those operating across provincial borders must have at least CNY 5 billion.

Data Privacy

Australia Commences Wide-ranging Review of Privacy Law

03/11/2020

An issues paper released as part of the review seeks feedback on whether EU adequacy under GDPR is necessary or desirable, among other issues relevant to reform.