APRA Releases Response Letter on Treatment of Covid Loans

26/08/2021

APRA is extending the time period for temporary adjustments to APS 220 so that loans granted repayment deferrals from 8 July until 30 September are covered.

Market Infrastructure

Bank Indonesia Issues Framework for Open Banking

26/08/2021

Under the framework, 16 banks and payment service providers will be required to adopt open API systems by June 2022.

Enforcement

Westpac Subsidiaries Fined for Breaching Best Interests Duty

26/08/2021

Westpac Securities Administration and BT Funds Management were fined for failing to act in their clients’ best interests in a case that dates back to 2016.

Securities / Derivatives

SEC Directs Chinese Firms to Issue Disclosures on VIE Structures

26/08/2021

Chinese companies have started to receive instructions from the SEC on the disclosures they must provide on their use of VIEs for US-bound IPOs.

Taiwan FSC Tightens Rules to Prevent Thefts of Client Money

26/08/2021

Banks have until 1 January to comply with the new rules, which seek to prevent the theft of client money by customer relationship managers.

Capital / Liquidity

RBI Panel Proposes New Regulatory Framework For UCBs

26/08/2021

The RBI panel recommends a four-tier structure for regulating UCBs, and the establishment of an umbrella organisation to oversee them.

AML / KYC

Adoption of Anti-Sanctions Law in Hong Kong Deferred – Reports

25/08/2021

Hong Kong’s delegate to the NPC Standing Committee Tam Yiu-chung says the vote was delayed pending further study.

Enforcement

China Suspends Over 40 IPOs Amid CSRC Regulatory Probe

25/08/2021

The CSRC is investigating a broker, a law firm, an asset appraisal firm, and accounting firm over their alleged involvement in share sales.

Fintech / Regtech

BOT Confirms Plans to Pilot Retail CBDC in Q2 2022

24/08/2021

The CBDC will be cash-like and non-interest-bearing, to ensure that it does not compete with deposits or cause runs on financial institutions.