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.

Enforcement

APRA Imposes Capital Surcharge on Heritage Bank

29/11/2021

Heritage Bank will also have to complete a remediation programme to address governance and risk management concerns.

MAS, IBF Offer Support to Enhance Family Office Skillsets

29/11/2021

New skills maps have been launched as a resource for training providers and FIs to design family office-related training.

Market Infrastructure

CPMI, IOSCO Consider Client Clearing Access Models

29/11/2021

Improving access to client clearing is “critical” to ensuring all standardised OTC derivatives contracts are cleared through CCPs.

Market Infrastructure

European Commission Proposes to Strengthen Supervisory Bodies

29/11/2021

In the aftermath of the Wirecard scandal, German regulator BaFin was accused of being beholden to banking industry lobbyists and the finance ministry.

Securities / Derivatives

SGX Goes Live with NZX Dairy Derivatives Contracts

29/11/2021

The partnership with SGX will bring “unprecedented access” to the dairy derivatives markets, says NZX chief Mark Peterson.

Enforcement

Hong Kong SFC Investigates Ramp-and-Dump Scam

29/11/2021

Restriction notices have been sent to two brokerage firms prohibiting them from dealing in assets worth HK$312mn held across 17 trading accounts.

Securities / Derivatives

Australia Introduces Bill to Enable CCIV Fund Structure

29/11/2021

The CCIV has the potential to unlock significant opportunities for the Australian funds management industry, says Financial Services Council CEO Sally Loane.

Enforcement

Japan FSA Orders Mizuho to Undergo Structural Reforms

29/11/2021

Mizuho is directed to formulate plans to improve its governance and prevent more system failures from occurring. Three top executives will resign.