Securities / Derivatives

CSRC Issues Pilot Rules for Spin-Off IPOs by Listed Companies

17/12/2019

To spin off a unit, a listed company should have three-year cumulative net profits of at least 600mn yuan, which is lower than the 1bn yuan requirement proposed in an August consultation.

Capital / Liquidity

APRA Investigates Westpac, Imposes Capital Surcharge

17/12/2019

APRA’s investigation will focus on the conduct that led to Westpac’s alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.

AML / KYC

BNM Issues Draft Rules on Financial Sector Use of Electronic KYC

17/12/2019

BNM recommends the use of AI, machine learning or other forms of predictive algorithms to ensure accurate identification and verification, and to automate decision-making in customer onboarding.

AML / KYC

HKMA Asks Banks, SVFs to Assess AML/CFT Risks of VASP Dealings

17/12/2019

Authorised institutions and SVF licensees should conduct appropriate risk assessments to differentiate the risks of the individual virtual asset service providers they deal with, the HKMA says.

Fintech / Regtech

FSC Korea Grants Preliminary Approval to Third Internet-only Bank

17/12/2019

Led by mobile money transfer app operator Viva Republica, the Toss Bank consortium expects to commence operations as an internet-only bank during the first six months of 2021.

Capital / Liquidity

Basel Committee Launches Consolidated Basel Framework

16/12/2019

The framework brings together all of the Basel Committee’s global standards for the regulation and supervision of banks.

Market Infrastructure

APRA Delays Implementation of Product Responsibility under BEAR

16/12/2019

APRA will delay finalising its consultation on the product responsibilities under BEAR to align with the government’s proposed extension of the accountability regime.

AML / KYC

SWIFT Opens KYC Registry to Corporate Groups

16/12/2019

Enabling corporate groups on the KYC Registry allows them to improve how their KYC data is structured, while freeing up their banking partners from having to chase down documentation.

Securities / Derivatives

IOSCO Unveils Framework for Monitoring Leverage-related Risks in Funds

16/12/2019

IOSCO has developed a framework for monitoring leverage across all types of investment funds globally, to help regulators assess leverage-related risks that can undermine financial stability.