Indonesia Faces Resistance on Asean Banking Protocol

08/02/2018

Indonesian parliamentary commission appear unsure about Indonesian Banks’ ability to compete with foreign banks.

Enforcement

ANZ, Westpac Banks Refund Credit Card Customers

08/02/2018

ANZ to refund AUD10.2mn for improper fee disclosures; Westpac completes AUD11.3mn remediation following review of credit card limit increases.

Securities / Derivatives

S. Korea Scraps Plan for Tougher Capital Gains Taxes on Foreigners

08/02/2018

Securities firms don’t have the infrastructure to support the plan; critics say it would have disrupted markets and caused capital flight.

Enforcement

Korean Banks Face Claims of Corrupt Recruitment

07/02/2018

FSS says banks kept list of officials and former officials whose family members should be favoured in recruitment processes.

Enforcement

China’s People’s Daily Attacks Regulators on Conflicts of Interest

07/02/2018

Official Communist Party newspaper says regulators should be barred from taking jobs at firms they have supervised in the past.

Capital / Liquidity

Japan Govt to Draw From ‘Dormant’ Bank Accounts

01/02/2018

Funds from accounts with no activity for 10 years to be used to fund public projects from Q2 2019.

Enforcement

China Punishes 12 Banks for Illegal Bills Trading Scandal, Fraud

31/01/2018

CBRC investigation revealed RMB 7.9 billion in illegal bank bills trading; life-time ban for Postal Savings Bank branch head.

Enforcement

China Tightens Outbound Investment Rules Despite Decline in 2017

29/01/2018

Temporary rules require more detailed filings on investment plans; enforcement to focus on deals worth $300mn or more or to sensitive countries, regions and industries.

Securities / Derivatives

FIX Releases New Technical Standard on Cybersecurity

26/01/2018

The new technical standard specifies how to use TLS to secure FIX communications, expected to improve cybersecurity across the industry.