Enforcement

Australia: Changes to the Banking Code of Practice Go Live

02/03/2020

The changes include guaranteed features for basic bank accounts and the removal of overdraft and dishonour fees on basic, low fee or no fee accounts.

AML / KYC

Australia: Senate Committee Backs A$10,000 Cash Ban

01/03/2020

A Senate committee tasked with reviewing a bill to criminalise cash transactions over A$10,000 has reportedly thrown its support behind the proposed legislation.

Enforcement

Japan FSA Fines Nissan $22m Over Ghosn Misconduct

01/03/2020

The fine is the second-highest penalty ever imposed by the FSA, and a response to 8 years of under-reported remuneration by Nissan’s former chairman Carlos Ghosn.

Capital / Liquidity

Philippine Banks to Get Covid-19 Regulatory Relief

01/03/2020

The relief measures may include grace periods for rediscounting loans, staggered booking of credit losses, non-imposition of penalties for reserve deficiencies, and non-recognition of loan defaults.

Fintech / Regtech

Indonesia Halts Fintech Registrations Amid Lack of Supervisory Capacity

01/03/2020

The OJK has temporarily halted new registrations from fintech firms to dedicate its supervisory resources on ensuring the quality of existing firms.

Market Infrastructure

WFE: Exchanges, CCPs Implementing Advanced, Embedded ERM

01/03/2020

Market infrastructures – exchanges and CCPs – are implementing advanced and embedded enterprise risk management right across their organisations, the WFE says.

Market Infrastructure

ICMA Publishes High-Level Guidance on IBOR Transition

01/03/2020

The ‘Quick Guide’ provides a high-level overview of 11 key areas relating to the transition from IBORs (including LIBOR) to risk free rates in the international bond market.

Market Infrastructure

Trade Bodies Publish EMIR Reporting Best Practices Matrix

01/03/2020

The best practice matrix is aimed at providing an agreed and standardised market guide for firms to use to comply with EMIR trade reporting requirements.

Securities / Derivatives

Entities Allowed to Operate in Gift City Without Forming New Company

28/02/2020

According to SEBI, entities can offer financial services in Gift City in connection with the securities market without forming a separate company.