Conduct, Culture & Accountability

ASIC Proposes Total Ban on Insurance Sales by Phone

21/07/2019

ASIC’s ban will protect consumers where sales issues and consumer harm have already been identified, ahead of wider legislative reform by the government.

Credit Risk

SEBI Tightens NPA Disclosure Requirements for Listed Banks

21/07/2019

Listed banks will have to make disclosures if the additional provisioning for NPAs assessed by RBI exceeds 10% of reported profit, compared to 15% previously.

Payments & Settlements

SWIFT Completes Latest gpi Trial with Singapore FAST

21/07/2019

All cross-border payments in the trial, which involved 17 banks across 7 countries, settled end-to-end within 25 seconds. SWIFT gpi has also now been introduced for corporates.

Anti-Money Laundering

Thailand to Mandate Extra Reporting Rule for Digital Asset Trades

19/07/2019

Digital asset exchanges will have to report all trades exceeding 5 million baht to commercial banks, which will then report the transactions to the Thailand’s Anti-Money Laundering Office.

Market Abuse

S. Korea Forms Special Unit to Investigate Unfair Trading

18/07/2019

The squad comprises 16 special judicial police officers, one FSC public official and 15 FSS employees, tasked with handling unfair trading cases under the command of Seoul prosecutors.

Cybersecurity

New Zealand FMA Assesses Financial Sector Cyber Resilience

18/07/2019

Market participants appear to be relying heavily on protective measures, while underinvesting in detection measures as part of their overall cyber-resilience, the FMA said.

Resolution & Recovery

China Enhances Market Exit Mechanism for Failing Financial Institutions

18/07/2019

China currently lacks smooth market exit channels, reflected in insufficient supporting measures and high exit costs for financial institutions in distress, said an NDRC spokesperson.

Structural Regulation

Korea to Enhance Transparency of Digital Bank Evaluations

18/07/2019

The FSC has announced changes to the operational procedures of its evaluation committee for internet-only bank, amid plans to reopen applications for new licences on 10 October.

Supervision & Enforcement

APRA Set for Dramatic Overhaul in Response to Capability Review

18/07/2019

Among the review’s recommendations are proposed veto powers to prevent the appointment or reappointment of “inappropriate” directors and senior executives at regulated entities.