Market Infrastructure

RBI Proposes Authorisation of New Retail Payment Systems

12/02/2020

The draft framework is said to be aimed at addressing concerns that the NPCI has become ‘too big to fail’ and presents increased concentration risk.

Securities / Derivatives

Bangladesh to Float Shares of State Banks to Prop Up Market

12/02/2020

Sonali Bank, Agrani Bank, Janata Bank, Rupali Bank and Bangladesh Development Bank will each have 25% of their shares listed on the stock market by end-October.

Enforcement

US Charges 4 Chinese Military Officers for Equifax Hack

12/02/2020

The four Chinese nationals are charged for breaking into Equifax’s computer systems to steal US citizens’ personal data and sensitive trade secrets.

Market Infrastructure

Indian Banks Association Pushes for LIBOR Transition Readiness

12/02/2020

The IBA has written to companies asking them to assess the impacts that the LIBOR phase-out will have on their businesses, and to prepare accordingly.

Securities / Derivatives

HK Accountants Body Calls for Blanket Extension to Results Deadline

12/02/2020

The SFC-HKEX decision to allow the publication of unaudited results on a case-by-case basis has “not yet fully addressed the concerns of the accounting industry”.

Securities / Derivatives

Alibaba May Be Excluded from HK-China Stock Connect – Report

12/02/2020

A decision has not yet been made to revise a previous arrangement that excludes companies with secondary listings and weighted voting rights from Stock Connect.

Fintech / Regtech

Bill Passes to Enhance ASIC’s Fintech Regulatory Sandbox

12/02/2020

Under the amendments, firms will be able to test a wider range of new financial and credit products and services without a licence from ASIC, for a longer time.

Market Infrastructure

Hong Kong Considers Reforms to Data Privacy Laws

12/02/2020

Key recommendations include higher penalties for breaches, mandatory data breach notifications, and a requirement for clear personal data retention policies.

Enforcement

Advice Remediation at Six Biggest FIs Reaches A$750m: ASIC

12/02/2020

NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.