Operational Risk

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.

Emerging Prudential Risks

PBOC Receives Third Financial Holding Company Application

29/08/2021

Beijing Financial Holdings Group is the third company to apply for a licence after China CITIC and China Everbright Group.

Trading & Investment

Korean Fund Managers Allowed to Cross-List Chinese ETFs

26/08/2021

The FSC has enacted rule changes that allow domestic asset management firms to cross-list Chinese ETFs in Korea starting Friday (27 August).

Conduct, Culture & Accountability

Australian Court Fines NAB Over Fee Disclosure Statements

26/08/2021

NAB charged fees for personal advice without providing customers fee disclosure statements, providing them late, or containing false misleading information.

Credit Risk

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.

Payments & Settlements

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.

Conduct, Culture & Accountability

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.

Structural Regulation

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.

Fraud, Scams & Cybercrime

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.