APRA Confirms Approach to New Credit Risk Reporting Standard

31/08/2021

APRA will proceed with implementation of the interim ARS 220.0 commencing 1 January 2022, despite feedback indicating its approach presented a burden for ADIs.

Fintech / Regtech

Australia Payments System Review Exposes Regulatory Gaps

31/08/2021

The review recommends enhancing the government’s powers to protect the payments system. A single, integrated licensing framework for payment services should also be introduced.

13 Super Funds Fail APRA’s First Performance Test

31/08/2021

If the failing super funds do not improve in next year’s test they will have to transfer their members to funds that deliver better outcomes.

Fintech / Regtech

India Targets December for CBDC Pilot Testing

31/08/2021

RBI governor Shaktikanta Das said the central bank is studying various aspects of a digital rupee with a view to conducting trials in December.

Enforcement

Korea: Ex-Presidential Aide Sentenced to Jail for Crypto Fraud

31/08/2021

The former presidential aide claimed a scam token had been certified by the BOK, FSS and KFTC, and that investors could multiply their investment by 100 times.

Securities / Derivatives

CSRC Considers Barring Data-Heavy Firms from Listing Overseas

30/08/2021

The CSRC is drafting rules that would prohibit Internet firms holding large amounts of user-related data from listing overseas, targeting firms with VIE structures.

Market Infrastructure

ACCC Opens Competition Inquiry Into NAB-Citigroup Deal

30/08/2021

The ACCC has asked interested parties to submit their views regarding NAB’s proposed acquisition of Citigroup’s Australian consumer banking business by 13 September.

Big Picture

IMF Spotlights Legal Challenges of Fintech for Central Banks

30/08/2021

A new IMF paper discusses the impacts fintech will have on currency issuance, monetary policy implementation, and payment system soundness, among other functions of a central bank.

Market Infrastructure

APRA Focuses on Resilience in Updated Corporate Plan

30/08/2021

APRA will look to enhance resilience in the financial system, including cyber resilience, while also transforming governance, risk-culture, remuneration and accountability.