Market Infrastructure

New Zealand Banks Commit to Ending Sales-Linked Incentives

25/06/2019

FMA chief executive Rob Everett and RBNZ governor Adrian Orr have confirmed that all banks have committed to removing sales incentives for frontline staff and their managers.

Fintech / Regtech

Regulatory Coordination Needed to Mitigate BigTech Risks: BIS

25/06/2019

An element of risk is BigTechs’ access to data from existing social media, search engines and ecommerce platforms, which raises competition and data privacy issues.

Capital / Liquidity

HKMA Rules on Bank Exposure Limits to Take Effect From 1 July

25/06/2019

Under the rules, authorised institutions are subject to a statutory limit of 25% of capital on financial exposure to any one person or group of related persons.

Market Infrastructure

Bangladesh: Three Private Banks Hit by Cyber Attacks

25/06/2019

Hackers stole $3m from Dutch-Bangla Bank using cloned credit cards and cash machines in Cyprus, Russia and Ukraine.

Australia: New Banking Code of Practice Set to Take Effect

25/06/2019

The ABA’s new Banking Code of Practice takes effect from 1 July. Lenders have welcomed the changes, but the FBAA says brokers shouldn’t sign the financial abuse declaration form.

Capital / Liquidity

BCBS Issues Report on Pillar 2 Supervisory Review Practices

24/06/2019

The report describes the key concepts of Pillar 2 and the different practices in use across Basel Committee member jurisdictions.

Securities / Derivatives

Stock Connect Investors Gain Access to Onshore Yuan Rates

24/06/2019

Under the new arrangement, northbound Stock Connect investors will be able to hedge yuan exposures using the onshore exchange rate for the first time.

Market Infrastructure

New Zealand to Introduce Licensing Regime for Financial Advisers

24/06/2019

The new regime will require all New Zealand financial advisers to be licensed by the FMA, effective from June 2020.

Enforcement

Hong Kong SFC Releases 2018-19 Annual Report

24/06/2019

The SFC is working to introduce an investor identification regime for southbound Stock Connect trading in mid-2019, and considering adopting a market-wide circuit breaker mechanism.