Enforcement

ASIC Launches Court Proceedings Against Volkswagen Financial Services

24/12/2019

ASIC says Volkswagen contravened the responsible lending provisions of the National Credit Act in relation to 49,380 loan contracts.

APRA Issues 2nd Consultation Package on Superannuation Data Collection

24/12/2019

APRA has released two topic papers addressing the most urgent gaps in its data collection, particularly for choice products and investment options.

Market Infrastructure

Macau Banks Encouraged to Set Up on Mainland: CBIRC

24/12/2019

China has unveiled a raft of policies to increase financial cooperation with Macau, largely seen as a reward for the city’s adherence to ‘One Country, Two Systems’.

Market Infrastructure

Amundi-BOC Wealth Management JV Wins CBIRC Approval

23/12/2019

The joint venture is expected to launch during the second half of 2020. Amundi will own a 55% stake while BOC Wealth Management will own the other 45%.

Capital / Liquidity

Taiwan Lowers D-SIB Surcharge Following Complaints from Banks

23/12/2019

The new rules ask Taiwan’s five D-SIBs to keep their capital ratios 2 percentage points higher than other banks, compared to 4 percentage points higher in the previous version.

AML / KYC

SFC Proposes Enhancements to OFC Regime

23/12/2019

The changes include a mechanism for overseas corporate funds looking to re-domicile in Hong Kong. OFCs will also have to keep a register of beneficial shareholders.

AML / KYC

Wolfsberg Group Urges ‘Effectiveness’ Emphasis in AML/CTF Programmes

23/12/2019

FIs are devoting resources to maximise technical compliance, while not necessarily optimising detection or deterrence of illicit activity, the Wolfsberg Group says.

Market Infrastructure

Governance, Accountability in Focus in Phase Two Review of RBNZ Act

23/12/2019

The government will progress a number of key ‘in-principle’ decisions of the review by enacting two separate Acts to replace the Reserve Bank of New Zealand Act 1989.

Fintech / Regtech

ICMA Publishes DLT Regulatory Directory and Brief

23/12/2019

The directory and brief seek to provide a non-exhaustive overview of recent DLT regulatory guidance, legislative initiatives, strategy papers and other publications in selected jurisdictions.