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.

Fintech / Regtech

FSC Korea Receives Applications for Internet-only Bank Licences

16/10/2019

The FSC said it plans to make a decision on initial approvals in December, after three consortia submitted bids in the second round of applications for internet-only bank licences.

Enforcement

Australia to Form New Disciplinary Body for Financial Advisers

15/10/2019

The plan undoes months of effort by industry associations to form an independent body to monitor and enforce compliance with a new code of ethics for financial advisors.

Capital / Liquidity

HKMA Cuts CCyB in Response to Worsening Economic Conditions

15/10/2019

The first CCyB cut since 2015, the move is expected to free up between HKD 200-300 billion in the financial system and make it easier for banks to lend to SMEs.