Enforcement

New Zealand FMA Censures Derivatives Issuer FIRMA NZ

11/10/2021

Firma NZ failed to conduct product suitability tests for clients and to regularly provide statements to investors. The contraventions were “persistent and systemic”.

Australia: Industry Bodies Call for Expansion of CSLR

11/10/2021

15 organisations call for the compensation scheme of last resort to include product providers, managed investment schemes and the funeral expenses industry.

BSP Raises Loan Limits to Bolster Project Finance

11/10/2021

The single borrower limit was increased to mobilise funding toward projects that support the Philippines’ economic recovery efforts and nation building.

Enforcement

S. Korea: Founder of Singapore Fintech Jailed for Fraud

11/10/2021

A South Korean court has sentenced the founder of a fintech investment firm Marvelstone Group to ten years of jail time on fraud charges.

Fintech / Regtech

ACCC Accredits Westpac as Data Recipient Under CDR

11/10/2021

ADRs are allowed to receive information from other data holders and offer products and services under the consumer data right regime.

Capital / Liquidity

BSP Proposes Prudential Requirements for Digital Banks

11/10/2021

The BSP proposes a 3 percent RRR for digital banks, aligning them with thrift lenders. A 7th licence will not be issued at the stage as previously planned.

Securities / Derivatives

SEBI Issues Swing Pricing Framework for Debt Funds

11/10/2021

During periods of market dislocation, investors will only be able to exit certain debt funds at 1-2 percent below the NAV.

AML / KYC

Singapore: Exemptions for Foreign Offices of FIs Take Effect

10/10/2021

Under the new ‘Branch Framework’, Singapore FIs have to assess whether their overseas representatives are acting on behalf of the Singapore office or the foreign office.

SEBI to Stop Use of Pool Accounts for Mutual Fund Transactions

10/10/2021

From 1 April 2022, investor money should be directly credited to the bank account of the mutual fund scheme when an investor purchases units.