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Market Infrastructure
ARRC Formally Recommends CME Group SOFR Term Rates
31/07/2021
Forward-looking term rates are needed for syndicated and bilateral corporate loans, as well as in the CLO and leveraged loans markets.
Capital / Liquidity
Malaysia Establishes Policy on Recovery and Resolution Planning
31/07/2021
Financial institutions will be required to submit their first recovery plans within 18 months from the date they receive a request from BNM.
Fintech / Regtech
BSP Grants Fourth Digital Bank Licence to UnionBank
31/07/2021
UnionBank is the latest to receive the licence after Landbank’s Overseas Filipino Bank, Tonik Bank, and UNOBank.
Market Infrastructure
ISDA, NAFMII Publish Standard Text to Enable IBOR Fallbacks in China
31/07/2021
New definitions will come into effect on 29 October 2021 to enable firms to include contractual IBOR fallbacks into onshore derivatives transactions.
Enforcement
ASIC Files Suit Against AMP Over Superannuation Fees
30/07/2021
AMP companies are said to have charged advice fees to more than 1,500 customers despite being notified they were no longer able to access the relevant advice.
Market Infrastructure
ASX to Replace Standard Definitions for Interest Rate Swaps
29/07/2021
From 4 October, all OTC interest rate derivatives contracts will be treated as if they incorporated the new 2021 ISDA Definitions.
Market Infrastructure
RBI Opens RTGS, NEFT to Non-bank Payment System Providers
29/07/2021
Prepaid payment instruments, white label ATM operators and card networks can now connect to the RTGS and NEFT systems.
Capital / Liquidity
MAS Ends Dividend Cap for Banks, Finance Companies
29/07/2021
Local banks and finance companies should still exercise continued prudence in their discretionary distributions, and prioritise support to customers.
AML / KYC
FSC Finds VASP Deposit Accounts Linked to Fraudulent Activity
29/07/2021
Crypto exchanges in Korea are required to use bank accounts under their real names. Third party bank accounts are not allowed.
ESG / Sustainability
BOJ to Pursue ‘Learning-by-doing’ Approach to Climate Risk
29/07/2021
The BOJ will offer zero-interest funds to FIs making loans and investments to tackle climate change, study the programme’s impacts, and make adjustments when necessary.
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