Operational Risk

APRA Releases Practice Guide for Super Performance Reviews

03/12/2019

The business performance review requirement requires an RSE licensee to undertake a holistic assessment of its performance across its business operations, services and product offerings.

Conduct, Culture & Accountability

ASIC Reports Widespread Fee Disclosure Failures at AFS Licensees

03/12/2019

ASIC’s review found widespread non-compliance with fee disclosure obligations across a sample of AFS licensees and their representatives, suggesting an industry-wide problem.

Payments & Settlements

South Korea to Formally Launch Open Banking System This Month

02/12/2019

October’s 10-bank pilot attracted over 5.5 million bank accounts with the open banking service now expanded to include eight additional banks and fintech firms.

Supervision & Enforcement

ASIC, APRA Ink Updated MoU to Enhance Collaboration

02/12/2019

The updated MoU was a royal commission recommendation to enable more proactive engagement between the two regulators.

Fraud, Scams & Cybercrime

Chinese P2P Lenders to Close in Two Years

02/12/2019

Approved lenders can opt to convert to small finance companies in the two year grace period, as authorities moved to shut down the scandal-ridden sector.

Trading & Investment

MSCI Calls for Greater Market Reform in China

02/12/2019

The index provider has laid out market access concerns for Chinese authorities to resolve before any more Chinese A shares can be included in its indexes.

Capital Adequacy

China to Relax Capital Raising Rules for Unlisted Banks

02/12/2019

The requirement for small lenders to sell shares in the OTC markets before issuing preferred shares has been removed to allow them to more easily raise capital.

KYC & CDD

OECD Hails Global Anti-Tax Evasion Efforts as ‘Unprecedented Success’

02/12/2019

Last year saw nearly 90 jurisdictions automatically exchange information on 47 million financial accounts, covering total assets of $4.9tn.

Structural Regulation

Japan Set to Consult on Reorganisation of TSE Boards

02/12/2019

The TSE will consult on the criteria for companies to move to the First Section, and measures to enhance the independence of listed subsidiaries from their parent companies.