Enforcement

APRA Applies A$20m Capital Charge to RAC Insurance

01/11/2023

APRA said its review of RAC Insurance revealed “significant weaknesses” in its outsourcing controls, conflict management and board decision making.

ESG / Sustainability

HK SFC, ICMA Collaborate on Voluntary ESG Code of Conduct

01/11/2023

The code of conduct will improve the reliability of ESG information used by licensed corporations in their investment decisions.

Enforcement

FSS Korea Asks Prosecutors to Charge Kakao for Market Manipulation

01/11/2023

The FSS has sent recommendations to prosecutors asking them to charge Kakao, Kakao Entertainment and several top executives.

Fintech / Regtech

White House Issues Executive Order to Regulate AI

31/10/2023

The executive order sets out new standards for AI safety and requirements for developers and users of AI systems.

ESG / Sustainability

FMA Updates Guidance on Climate-related Scenario Analysis

31/10/2023

The FMA’s updated climate-related scenario analysis guidance includes additional details on quantification, further clarification and context.

Enforcement

Taiwan FSC Fines SinoPac Group for Governance Failures

28/10/2023

The company held two non-routine strategic planning meetings with its major shareholder and former chairman, without keeping meeting records.

AML / KYC

UK Ushers in New Laws to Fight Fraud and Financial Crime

27/10/2023

The Economic Crime and Corporate Transparency Act received royal assent. The law enables crypto seizures and introduces a ‘failure to prevent fraud’ offence.

Fintech / Regtech

BSP Set to Launch Pilot Testing for New ITRS

27/10/2023

The BSP has started sending banks XML schema definitions for its new International Transactions Reporting System.

Crypto / Digital Assets

UK FCA Identifies Three Common Issues with Crypto Marketing

26/10/2023

The FCA expects firms authorised to approve financial promotions of cryptoasset firms to take their regulatory obligations seriously.