APRA, ASIC Offer Guidance on Super Fund Obligations

17/12/2020

Super funds can capitalise on potential synergies when building systems and processes for their Member Outcomes obligations and Product design and distribution obligations.

Enforcement

Taiwan Addresses Bank Misconduct With Higher Penalties: Fitch

17/12/2020

Banks are expected to work to strengthen their risk controls, particularly around wealth management to avoid penalties and preserve their corporate governance rankings.

Market Infrastructure

US Treasury Labels Vietnam, Switzerland as Currency Manipulators

17/12/2020

Taiwan, Thailand, and India have been added to Treasury’s monitoring list. Singapore intervened in the foreign exchange market in a “sustained, asymmetric manner”.

Enforcement

US SEC Settles Luckin Coffee Fraud Charges for $180m

17/12/2020

Luckin materially misstated its revenue, expenses, and net operating loss to falsely appear to achieve rapid growth and increased profitability, the SEC said.

Capital / Liquidity

MAS Consults on Operational Risk Capital, Leverage Ratio Requirements

17/12/2020

MAS intends to implement the revised standards for operational risk capital and leverage ratio requirements from 1 January 2023.

Securities / Derivatives

Euroclear Bank, Japan Launch New Asset Class: ‘Origami Bonds’

17/12/2020

Japanese cities Kobe and Yokohama as well as Shizuoka Prefecture were the first three issuers to utilise the new Origami bond structure.

AML / KYC

Korea’s FIU Upgrades AML System to Boost Processing Capacity

17/12/2020

The upgraded AML system has increased KoFIU’s processing capacity by about five times, helping it address an increasing number of suspicious transaction reports it receives.

Fintech / Regtech

Australia’s Domestic Payment Organisations Propose to Amalgamate

17/12/2020

Australia’s eftpos, BPAY Group and NPPA will be preserved as distinct operations under a single Board with a shared roadmap for innovation and investment.

Fintech / Regtech

Taiwan FSC Cautions New Digital Banks Against Price Wars

17/12/2020

Taiwan’s new digital-only banks should offer innovative products and services instead of resorting to pricing competitions to attract clients, says FSC Chairman Thomas Huang.