Market Infrastructure

Fed Consults on Default Rules for Legacy LIBOR Contracts

24/07/2022

The rules would implement a law enacted earlier this year that provides a uniform solution for replacing LIBOR references in contracts without adequate fallback provisions.

Enforcement

UK FRC Scrutinises Audit Firms’ Exam Cheating Controls

24/07/2022

The UK Financial Reporting Council asked 7 audit firms to detail the controls that are in place to prevent and detect cheating in professional exams.

Capital / Liquidity

RBI Imposes Restrictions on Two Cooperative Banks

24/07/2022

The RBI said depositors of the two banks may not with funds, but they may use their deposits to set off loans.

ANZ Faces Regulatory, Industry Scrutiny Over Proposed Suncorp Deal

24/07/2022

ANZ will need approval from the ACCC, the Federal Treasurer and Queensland officials. The Finance Sector Union is calling for the deal for be rejected.

Crypto / Digital Assets

ISSA Finds ‘Major Upsurge’ in DLT Use in Financial Markets

24/07/2022

Over 30% of the industry using DLT in live production, finds ISSA survey, conducted by the ValueExchange with support from Accenture, Broadridge and VMWare.

Capital / Liquidity

FSS Korea Proposes to Extend, Revise Non-cleared Margin Guidelines

24/07/2022

The guidelines, which expire on 31 August 2022, will be extended for an additional year to 31 August 2023.

Capital / Liquidity

Central Bank Liquidity Bridges Lower Costs of Cross-border Payments

24/07/2022

CPMI says central bank liquidity bridges can help reduce funding costs, FX costs, credit risks and operational risks for payment system participants.

Capital / Liquidity

RBI Adopts Four Tier Regulatory Framework for UCBs

24/07/2022

A four-tiered regulatory framework is being adopted for urban cooperative banks based on size of deposits of the banks and their area of operations.

Crypto / Digital Assets

Japan FSA Dissatisfied With Crypto Industry Self-Regulation – Report

24/07/2022

Japan’s self-regulatory body for the crypto industry is being criticised for poor governance, lack of skilled staff, and slow implementation of AML rules.