Market Infrastructure

RBNZ, FMA Unimpressed by Insurers’ Inaction on Conduct Risk

18/09/2019

RBNZ governor Adrian Orr says the sector has failed to demonstrate the necessary urgency and prioritisation to provide effective governance and monitoring of conduct risk.

AML / KYC

UPDATED – ASIC, Federal Police Dismantle Online Fraud Syndicate

18/09/2019

The syndicate is said to have used fraudulently-obtained identities to steal millions of dollars from the superannuation and share trading accounts of innocent victims.

Securities / Derivatives

Chi-X Australia Launches Market-on-close Trading Solution

18/09/2019

The solution is said to be a potential game-changer for buy-side participants who need to place large orders benchmarked to closing prices.

Enforcement

Philippines Moves to End Abusive Practices by Fintech Lenders

18/09/2019

A code of ethics and code of conduct have been adopted by members of FinTechAlliance.ph prohibiting the harassment and shaming of delinquent borrowers.

Market Infrastructure

Hong Kong Virtual Banks Likely to Delay Launch – Report

18/09/2019

Hong Kong virtual banks are reportedly delaying plans to start promotional campaigns partly in response to city-wide protests, among other reasons.

Capital / Liquidity

RBI Increases Bank Exposure Limit to NBFCs

17/09/2019

The move aligns bank exposure limits for NBFCs with limits applicable for other types of counterparties, but Fitch says it is unlikely to lead to significant credit flows to the sector.

Market Infrastructure

Korean Banks Boost Spending of Cybersecurity, IT: BOK

17/09/2019

Banks are increasingly relying on outsourcing for cloud computing, which may become a potential vulnerability if adequate precautions are not in place.

Big Picture

Moody’s Becomes Second Agency to Downgrade Hong Kong Outlook

17/09/2019

Moody’s says the downgrade of Hong Kong’s outlook to negative is the result of a shift in its equilibrium with China, in addition to the ongoing protests in the city.

Market Infrastructure

Australia Passes Bill to End Conflicted Remuneration Despite Pushback

16/09/2019

The Association of Financial Advisers says thousands of clients will be worse off without grandfathered commissions, and that financial advisers need more time to adjust.