India Proposes New Cross-border Insolvency Framework

30/11/2021

The framework will provide a mechanism for foreign creditors to obtain recognition of overseas proceedings in local courts.

Capital / Liquidity

RBNZ to Amend Connected Exposures Policy for Banks

30/11/2021

The RBNZ proposes to remove the aggregate gross exposure limit and to allow banks to recognise credit risk mitigations when measuring aggregate net exposures.

AML / KYC

AUSTRAC to Update Guidance on Reporting Cash Transactions

30/11/2021

A TTR will be required for each individual cash transaction of A$10,000 or more. Reporting entities will not need to combine transactions when submitting TTRs.

Capital / Liquidity

BSP Allows Digital Banks to Participate in Monetary Operations

30/11/2021

Digital banks and unit investment trust funds can also participate in the secondary market for central bank securities.

Fintech / Regtech

ACCC to Launch CDR Sandbox to Support Innovation

30/11/2021

The sandbox aims to help current and prospective CDR participants build and test their solutions faster, and improve accuracy and quality.

Capital / Liquidity

RBI Imposes Restrictions on Urban Cooperative Bank

30/11/2021

Malkapur Urban Bank will continue to have the business and operational restrictions in place until its financial position improves.

Securities / Derivatives

SEBI Sets Out Guidelines for Operating Silver ETFs

30/11/2021

Silver ETFs will have to allocate at least 95 percent of assets to silver and silver-related exchange-traded commodity derivatives.

AML / KYC

HK ICAC Arrests Nine in Corruption Probe Involving Macau Firm

30/11/2021

CPAs and audit staff are suspected of accepting bribes to compile a false accountants’ report that was submitted to HKEX for a main board listing.

Enforcement

ASIC Files Multiple Court Proceedings Against Westpac

30/11/2021

Westpac has already agreed to admit to the allegations, remediate A$80mn to customers, and pay A$113mn in penalties, subject to court approval.