Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
Enforcement
ASIC Issues Update on Advice Compensation Paid by Banks
16/02/2021
Australia’s largest financial institutions have paid over A$1.24 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.
AML / KYC
Bangladesh Launches Online Account Opening for Stock Investors
16/02/2021
The new system will reduce the time it takes for investors to open an account and minimise the number of accounts opened using fake information, BSEC said.
Capital / Liquidity
RBI Establishes Expert Committee to Enhance UCB Resilience
16/02/2021
The committee will take stock of existing regulatory measures and their impacts and recommend other suitable measures to strengthen the sector.
Fintech / Regtech
S. Korean Law to Help Reverse Mobile Payments Made in Error
16/02/2021
New legislation set to take effect in July will task the KDIC with helping users of mobile payment apps to retrieve funds that are transferred in error.
Market Infrastructure
IFRS Foundation Calls for Research Into IFRS 9, IFRS 15 Disclosures
16/02/2021
The aim of the research is to provide evidence about the quality of disclosure provided by entities applying IFRS 9 and IFRS 15.
Market Infrastructure
Trade Associations Issue Update to Green Loan Principles
15/02/2021
The update includes social risks in the categories to be considered as part of project evaluation and selection. Previously only environmental risks were included.
Big Picture
IOSCO Reviews Impact of Govt Support on Credit Ratings
15/02/2021
Government support measures played a “significant role” in alleviating the downward pressure on credit ratings, IOSCO found in its review.
Enforcement
Chinese Premier Signs Decree on Preventing Illegal Fundraising
15/02/2021
New regulations set to take effect in May will enhance monitoring and penalties for illegal fundraising activities, with an emphasis on prevention and early detection.
AML / KYC
UK Issues Draft Rules to Promote Trust in Digital Identity
15/02/2021
New draft rules are aimed at deepening trust and confidence in digital identities through the adoption of common standards to safeguard personal data and privacy.
AML / KYC
GLEIF to Implement New Policies, File Formats in Global LEI System
15/02/2021
Users must plan to implement the updated file formats to ensure uninterrupted access to LEI data beyond 31 March 2022, GLEIF said.
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