Enforcement

US OCC Fines JPMorgan for Weak Controls Over Fiduciary Activities

29/11/2020

The deficiencies identified by the OCC constituted unsafe or unsound practices that were part of “a pattern of misconduct”, says the consent order.

Fintech / Regtech

Australia, Singapore to Trial Paperless Trade Using Blockchain

29/11/2020

The Australian Border Force, Singapore Customs, and IMDA, as well as industry groups and financial institutions, will participate in the trial.

Market Infrastructure

Australia Gets New Guidance for Internal Auditors in Financial Services

29/11/2020

The Better Practice Guide was developed by industry practitioners with APRA and ASIC serving as vocal observers and EY and KPMG providing secretariat support.

Securities / Derivatives

TFEX Announces Launch of Japanese Rubber Futures Contract

29/11/2020

The cash-settled rubber futures contract will use the Osaka Exchange’s RSS3 futures delivery prices as settlement prices on the Thailand Futures Exchange.

Capital / Liquidity

BSP Issues Draft Rules for Islamic Bank Liquidity Management

29/11/2020

Due to the limited availability of liquidity management instruments which are appropriate for Islamic banks and banking units, the BSP will adopt a flexible approach to compliance.

Capital / Liquidity

RBNZ to Re-instate Mortgage Lending Restrictions Early

29/11/2020

The RBNZ intends to re-impose LVR restrictions on high-risk lending with effect from 1 March 2021 – two months earlier than originally anticipated.

Market Infrastructure

DSB Calls for Asian Members to Join Product Committee

29/11/2020

The DSB seeks to expand its Product Committee membership to include more OTC derivatives users from Asia to further broaden industry collaboration geographically.

Enforcement

Prosecutors Assess Whether EY Acted Criminally During Wirecard Audits

29/11/2020

Germany’s audit supervisor has reportedly told prosecutors that EY may have violated its legal due diligence and reporting obligations during its Wirecard audits.

Market Infrastructure

CFTC Adopts Rule Changes to Facilitate Foreign Swaps Clearing

29/11/2020

The CFTC has extended no-action relief for non-US swap dealers from reporting requirements, and finalised rules for exempting non-US clearinghouses from registration requirements.