Credit Risk

APRA to Formalise Regulatory Support for Covid Loans

01/08/2021

APRA intends to formalise regulatory support measures for banks offering Covid-19 loans through a temporary amendment to APS 220.

Custody & Infrastructure

CSRC Grants Citigroup Approval to Launch Custody Business

01/08/2021

The licence allows Citi to provide custody services for fund products issued by fund firms or other asset managers in China.

Anti-Bribery & Corruption

China: Another Ex-Banking Regulator Under Corruption Probe

01/08/2021

Cai Esheng served as CBRC vice chairman for eight years. He was in charge of supervising non-bank financial institutions.

Anti-Money Laundering

AUSTRAC Consults on AML/CTF Rule Amendments

31/07/2021

The amendments allow FIs to carry out ACIP on a customer after an account is opened, provided the initial deposit is the only transaction made at opening.

Trading & Investment

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.

Resolution & Recovery

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.

Structural Regulation

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.

Trading & Investment

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.

Supervision & 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.