ANZ Faces Class Action for Over Credit Card Interest Charges

08/12/2021

The class action alleges ANZ contravened the ASIC Act by charging retrospective interest and interest on purchases that were paid off in a timely manner.

Big Picture

Cyber Risk Seen as Top Threat to Financial Markets: DTCC

08/12/2021

Cyber risk, pandemic, and geopolitical risk cited as the top threats to financial markets, but climate change and inflation are gaining pace.

Crypto / Digital Assets

BIS Concludes wCBDC Experiment with French, Swiss Central Banks

08/12/2021

Under Project Jura, tokenised assets and foreign exchange transactions were settled safely and efficiently using PvP and DvP mechanisms, the BIS said.

HKEX Plans to Open New York Office in Early 2022 – Report

07/12/2021

The planned New York office will reportedly comprise only about five staff, subject to HKEX obtaining the necessary regulatory licences.

Capital / Liquidity

FSB Presents Stock-take of Progress on Resolution Regimes

07/12/2021

The FSB says work is under way to build up external TLAC for the four Chinese G-SIBs, but that all other G-SIBs report that they already meet or exceed the final TLAC requirement.

Fintech / Regtech

IOSCO Offers Guidance on Developing Innovation Facilitators

07/12/2021

IOSCO sets out key considerations for regulators who are looking to establish innovation hubs, regulatory sandboxes, and regulatory accelerators.

Securities / Derivatives

China Limits Scope of Allowed Derivatives Activities at Banks

07/12/2021

Domestic financial institutions can only enter into cross-border OTC derivatives transactions if they are used for hedging purposes.

Enforcement

Hong Kong SFC Imposes Lifetime Ban on Former Licensee

06/12/2021

The former licensee offered to invest for two students he taught, and then misappropriated their funds for his personal use.

Capital / Liquidity

MAS Urges Continued Prudence as Covid Uncertainties Linger

06/12/2021

The potential for further credit quality deterioration remains, especially if downside risks from the pandemic materialise and cause prolonged disruptions to economic activity.