Enforcement

RBI Deploys New Reporting System for Cooperative Banks

17/10/2019

Following the $560mn fraud detected at PMC Bank, the RBI is ordering all cooperative banks in the country to perform their daily reporting via the new system.

Capital / Liquidity

China Further Opens Banking, Insurance Sectors to Foreign FIs

16/10/2019

Effective immediately, foreign financial institutions can establish wholly-owned banks in China, which can be operated alongside foreign bank branches and Sino-foreign joint venture banks.

Market Infrastructure

FSB Reports on OTC Derivatives Reform Progress

16/10/2019

Comprehensive trade reporting requirements are in force in 23 of 24 FSB member jurisdictions, and authorities are increasingly making use of trade repository data.

Enforcement

ASIC Grants Advisers Relief From Compliance Obligation

16/10/2019

ASIC will grant a three-year exemption from the obligation to ensure that financial advisers are covered by a compliance scheme, and from the associated notification obligations.

Fintech / Regtech

Korea to Pilot Open Banking Platform From 30 Oct

16/10/2019

Banks and fintechs will pilot test the ability of customers to manage multiple bank accounts and withdraw and transfer money from within a single app.

Market Infrastructure

PBOC Privately Solicits Bank Feedback on Customer Data Protection

16/10/2019

Draft measures on personal financial data protection have reportedly been issued to some banks as part of the PBOC’s consultation process.

Capital / Liquidity

Philippines: BSP Approves Amended D-SIBs Framework

16/10/2019

A bank’s size and interconnectedness will be given greater importance in the assessment to determine its systemic importance in the Philippines.

Securities / Derivatives

SGX RegCo Raises Bar for Property, Business Valuations

16/10/2019

SGX RegCo is enhancing its cooperation with professional bodies to improve the valuation of property, land and businesses held by listed companies.

Securities / Derivatives

FMSB Issues Final Guidance on Conflicts of Interest

16/10/2019

The FICC Markets Standards Board offers guidance to help market participants effectively deal with conflicts of interest that arise within their firms.