Enforcement

Australia: NAB, EY Under Fire Following Whistleblower Leak

05/08/2019

A whistleblower has leaked internal NAB documents to highlight the bank’s lax approach to risk management, customer remediation, and conflicts of interest with its auditor.

Market Infrastructure

SEBI Seeks Uniform Penalties Framework for Margin Reporting Failures

03/08/2019

Fines charged to members for misreporting or non-reporting of margins collected from clients may extend to 100% of the incorrectly or nonreported amount.

Big Picture

Singapore: Two-Thirds of Consumers Willing to Try Digital Banks

03/08/2019

A JD Power survey has found that 65% of Singapore customers are interested in opening digital bank accounts. The survey ranked HSBC first, OCBC second and DBS third in customer satisfaction.

Big Picture

Global Crypto Trading Should be Guided by IOSCO Principles: WFE

03/08/2019

“Innovation which has the potential to present systemic risk or is allowed to operate in an unchecked or unregulated manner is detrimental to financial markets and investor interests.”

Enforcement

Japan Post to Check 30mn Contracts in Insurance Mis-selling Probe

02/08/2019

Up to 183,000 Japan Post customers have been affected by unlawful insurance sales practices over the past five years, double the amount initially found.

Market Infrastructure

IOSCO Urges Market Participants to Move to RFRs ‘Now’

02/08/2019

IOSCO says early transition to risk free rates will help to mitigate potential financial stability and conduct risks associated with the transition away from LIBOR.

Enforcement

Compensation for Poor Advice Reaches A$120m: ASIC

02/08/2019

NAB paid the most to compensate customers for failures by the largest number of advisers, and is expected to take the longest to complete its remediation programme.

Fintech / Regtech

TSE Seeks ‘Data Sandbox’ Partners to Support Innovation

02/08/2019

The Tokyo Stock Exchange is looking to startups, data providers and so-called ‘innovation partners’ to help create new services for the securities sector.

Enforcement

Thailand SEC to Incorporate AI in Price Manipulation Probes

02/08/2019

Existing investigation and fact-finding procedures currently take 1.5 years before civil sanctions or penalties are imposed.