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.

Fintech / Regtech

Philippine Central Bank Introduces Digital Banking Framework

27/11/2020

Foreign individuals and non-bank corporations are allowed to hold up to 40% of a digital bank’s voting shares, while foreign banks are allowed to hold up to 100%.

Securities / Derivatives

HKEX Outlines Derivatives Market Enhancements for 2021

26/11/2020

Market participants who plan to trade or clear selected derivatives contracts during Hong Kong public holidays will be asked to demonstrate technical readiness.

Capital / Liquidity

Indian Government Green-lights DBS Rescue of Lakshmi Vilas Bank

26/11/2020

All 563 branches of Lakshmi Vilas Bank will function as branches of DBS Bank India from Friday, bringing security to 400 employees and 2 million depositors.

AML / KYC

Philippines Approves House Bill to Strengthen AML Law

26/11/2020

The amendments will bring precious metals dealers, casinos and real estate brokers and developers into scope under the Anti-Money Laundering Act.

AML / KYC

RBNZ Investigates Two Banks Over AML Compliance

26/11/2020

The RBNZ is also looking into compliance issues eight banks have identified with transaction reporting requirements over the past six months.

Capital / Liquidity

BCBS Amends Capital Treatment of Securitisations of NPLs

26/11/2020

NPL securitisation exposures will be subject to 100% risk weight or higher, except for those risk-weighted using the external ratings-based approach.