NZ FMA Directs Banks to Ensure Incentives Create Fair Outcomes

04/05/2023

Banks must confirm by 31 May that they have removed incentives linked to sales measures for salespeople and managers.

Enforcement

Philippine SEC to Raise Penalties for Late Filing of Reports

03/05/2023

In addition to higher monetary fines, the SEC may label a company ‘delinquent’ or revoke its registration in case of repeated failures.

ESG / Sustainability

ASIC Fines Future Super for Alleged Greenwashing

02/05/2023

ASIC fined Future Super Investment Services for “overstating the positive environmental impact” of its fund in a Facebook post.

Capital / Liquidity

NZ Banks Have ‘Relatively Little’ Interest Rate Risk: RBNZ

02/05/2023

RBNZ says New Zealand banks are required to hold fewer bond assets than banks in other developed economies and account for them at fair market value.

Enforcement

Philippine SEC Issues Implementing Rules for Consumer Protection Act

01/05/2023

The implementing rules set out the enforcement actions the SEC may take as well as measures to protect financial consumers.

Capital / Liquidity

US Govt Accountability Office Shines Light on Causes of Bank Failures

30/04/2023

GAO says regulators “did not escalate supervisory actions in time” to prevent the failures of Silicon Valley Bank and Signature Bank.

Crypto / Digital Assets

China to Start Using CBDC in Cross-Border Trade

28/04/2023

Xuzhou will use the e-CNY for payment of Belt and Road trade costs; Changshu City will use it to pay civil servants.

AML / KYC

BSP Issues Guidance on Effective Transaction Monitoring

27/04/2023

The guidance calls on regulated financial institutions to bolster their TM systems, highlighting the importance of board of senior management involvement.

Capital / Liquidity

RBNZ Proposes to Ease Mortgage Lending Restrictions

27/04/2023

The RBNZ proposes to ease the existing LVR restrictions by 1 June as it now sees reduced risks to financial stability.