PBOC Cuts Funding Costs for Small Firms, Rural Sectors

02/07/2020

The PBOC has cut the rediscount rate for the first time in a decade, and the relending rate for the second time this year.

Sri Lanka: CBSL to Absorb Credit Risk on Business Loans

02/07/2020

The CBSL will provide credit guarantees ranging from 80% for smaller loans to 50% for larger loans issued to businesses affected by Covid-19.

Enforcement

SocGen Australia Pleads Guilty to Client Money Offences

02/07/2020

SocGen failed to pay client money into segregated authorised bank accounts and made payments out of a client money account that were not permitted.

Securities / Derivatives

PBOC Finalises Rules on ‘Standardised Note’ Issuance

02/07/2020

Standardised notes will be considered money market instruments, backed by commercial paper which generates cash flows for distribution to investors.

Enforcement

FSC Korea Introduces Legislative Revisions on Predatory Lending

02/07/2020

The maximum annual interest rate will be limited to 6%, compared to 24% under the current law. Maximum penalties will also be raised.

Securities / Derivatives

India Standardises Stamp Duty on Securities Transactions Nationwide

02/07/2020

India has revised its framework for levying the stamp duty on securities transactions, in a bid to ensure uniformity across the country.

AML / KYC

New FATF President Presents Objectives For Two-Year Term

01/07/2020

FATF President Marcus Pleyer will prioritise work on digital transformation, racially motivated terrorism, migrant smuggling, environmental crime, and illicit arms trafficking.

Fintech / Regtech

Australia Launches Open Banking Data Sharing Regime

01/07/2020

The big four banks have opened up their deposit, transaction account, credit and debit card data for customers to share with other major banks or accredited fintech providers.

Capital / Liquidity

India Approves Special Liquidity Scheme for NBFCs

01/07/2020

An SPV back by State Bank of India will buy investment-grade debt paper with residual maturity under three months to provide NBFCs and HFCs liquidity to settle existing debt.