ESG / Sustainability

ESMA Publishes Final Guidelines on MiFID II Suitability Requirements

28/09/2022

Firms will need to help clients understand the concept of sustainability preferences and explain differences between products with and without sustainability features.

AML / KYC

Malaysia Announces New Measures to Combat Financial Scams

28/09/2022

Malaysian banks will migrate SMS OTP to a more secure form of authentication, and further tighten detection rules and triggers to block scam-related transactions.

Enforcement

ASIC Finalises Guidance on Completing Timely Remediations

28/09/2022

ASIC says it should not have to oversee remediations in order for consumers to receive fair and timely outcomes.

Securities / Derivatives

NZ FMA Proposes to Update Guidance on Broker Obligations

28/09/2022

The FMA is proposing to update its 2014 guidance to align with regulatory updates and incorporate additional guidance for custodians.

HKMA Launches Enhanced Competency Framework on Compliance

28/09/2022

The ECF-Compliance establishes a set of common and transparent competency standards for practitioners working in banks’ compliance functions.

ESG / Sustainability

International Committee to Create Public Utility for Net-Zero Data

28/09/2022

International organisations and policymakers will work alongside financial data service providers to help bring the utility to fruition.

Crypto / Digital Assets

Korea Has Seized $182m in Crypto from Tax Delinquents

27/09/2022

The largest seizure from a single delinquent taxpayer was worth around KRW 12.5 billion, or about USD 8.8 million.

CBIRC Relaxes Rules on Non-Capital Bond Issuance by Banks

27/09/2022

The requirement for banks to seek approval for individual issuances of non-capital bonds is removed. Qualifications of senior executives also no longer need approval.

Market Infrastructure

SEBI Orders Separation Between CRAs and Non-Rating Affiliates

27/09/2022

Credit rating agencies are directed to strengthen their internal firewalls and formulate a policy on their separation/firewall practices by January 2023.