Supervision & Enforcement

SWIFT Related Fines Imposed by RBI Total $10mn Across 36 Banks

11/03/2019

The number of banks fined by the RBI for failing to integrate their core banking systems with SWIFT has now risen to 36, with fines totaling $10.16mn.

Cryptocurrency

SC Orders Half of Malaysia’s Digital Asset Exchanges to Close

11/03/2019

According to a notice from Malaysia’s Securities Commission, 21 of the country’s 43 digital asset exchanges will be forced to close after they failed to register by the 1 March deadline.

Liquidity Risk

US Fed Considers Stricter Rules for Foreign Bank Branches

11/03/2019

Foreign banks say added requirements are unnecessary, as their US branches are limited in their activities, rarely hold federally insured deposits, and are subject to home country rules.

Conduct, Culture & Accountability

AFCA Finalises Over 18,000 Complaints in Four Months

08/03/2019

Australia’s four months old ‘one stop shop’ for financial services dispute resolution has finalised 18,390 complaints, yielding more than A$54mn in awards to consumers and small businesses.

Trading & Investment

Shanghai Exchange Signals Possible End-May Launch for New Tech Board

08/03/2019

The SSE gave its first indication of a launch date for the new science and technology board in a WeChat post, saying the trading system will be ready at the end of May.

Trading & Investment

S. Korea FSC Chair Renews Call to End Stock Transaction Tax

08/03/2019

Lawmakers want the securities transaction tax abolished. The government want a more gradual approach. FSC chairman Choi Jong-ku welcomes either discussion.

Tokenisation

Malaysia Consults on Frameworks for ICOs, Property Crowdfunding

08/03/2019

The ICO framework covers issuer eligibility, transparency in disclosures, and utilisation of proceeds. The property crowdfunding framework was first announced in Budget 2019.

Trading & Investment

China Allows IMF Access to Domestic Markets Through RQFII

08/03/2019

The CSRC said it made the decision after receiving an application from the IMF, whose RQFII investment quota has not yet been revealed.

Cybersecurity

MAS Enhances Guidelines on Technology Risk, Business Continuity

08/03/2019

Both guidelines under consultation continue to emphasise the importance of risk culture, and the roles of the board and senior managers in technology risk and business continuity management.