RBI Enhances Rules for Banks’ Grievance Redress Mechanisms

30/01/2021

The framework provides a mechanism for the ombudsman to recover the cost of redressal from banks whose complaints exceed their peer group average.

Market Infrastructure

Legislative Advisors Advocate Merger of Shanghai Financial Markets

29/01/2021

Under the proposal, a holding group would comprise the SSE, CFFEX, various securities depository and clearing companies, and a new options exchange.

Capital / Liquidity

CBIRC Issues Draft Rules for Banks on Managing Liability Quality

29/01/2021

The draft rules set out six aspects of debt quality management that banks will have to incorporate in their systems, as part of efforts to prevent risks.

HSBC Inaugurates IBU Branch at India’s GIFT City

29/01/2021

HSBC was the first global bank to obtain a licence from the IFSCA, set up in April 2020 as a unified authority for GIFT City financial services.

ESG / Sustainability

Singapore Taskforce Proposes Taxonomy for Identifying Green Activities

29/01/2021

The taxonomy draws on the theoretical underpinnings of the EU taxonomy and proposes a traffic-light system which sets out how activities are classified.

Capital / Liquidity

FSC Korea Imposes Cap on Bank Dividend Payouts

29/01/2021

In an L-shaped scenario, the capital buffer and D-SIB ratios of numerous banks fell short of the required levels in stress tests, the FSC said.

Enforcement

US Regulator Fines Goldman Over Employee Fingerprinting

28/01/2021

FINRA said Goldman failed to maintain a reasonable system to identify and properly screen individuals who became associated with the firm in a non-registered capacity.

Securities / Derivatives

IOSCO Offers Guidance on Enhancing Complaint Handling Mechanisms

28/01/2021

IOSCO has published a new report to help jurisdictions identify and address gaps in their complaint handling and redress systems.

AML / KYC

BSP Updates VASP Rules to Align with FATF Requirements

28/01/2021

The updated rules also bring into scope virtual asset custodians, introducing a $1mn minimum capital requirement for such businesses.