MARKET INFRASTRUCTURE

    Enforcement

    China, US in Talks on Allowing Joint Inspections of Auditors

    By Editors | 19/12/2019

    The CSRC has reportedly been in talks with the US audit regulator on allowing joint inspections of firms that audit Chinese companies listed in the US.

    Fintech / Regtech

    UPDATED – ZA Bank Becomes First HK Virtual Bank to Launch Pilot Services

    By Editors | 19/12/2019

    ZA Bank, backed by ZhongAn and Sinolink Group, has launched services for 2,000 selected users to test under the HKMA’s sandbox mechanism.

    Market Infrastructure

    Cyber Resilience Practices at Financial Firms Improving: ASIC

    By Editors | 19/12/2019

    Improvements have been seen at larger firms in response planning, mitigation action planning, and to ensure events that occur are contained, do not propagate, and neutralised as quickly as possible.

    Capital / Liquidity

    Jurisdictions Continue to Strengthen Deposit Insurance Systems: IADI

    By Editors | 19/12/2019

    The International Association of Deposit Insurers says the average coverage per depositor per institution has risen substantially in the last 10 years and that depositor reimbursements have sped up.

    Market Infrastructure

    ISDA Consults on Adjustments for EUR LIBOR, EURIBOR Fallbacks

    By Editors | 19/12/2019

    The supplemental consultation seeks input on adjustments that would apply to €STR if fallbacks in euro LIBOR or EURIBOR take effect, including the final parameters for these adjustments.

    Market Infrastructure

    Google Recommends India UPI Model for New US ‘FedNow’ Service

    By Editors | 19/12/2019

    UPI adoption has grown from 100,000 to 1.15 billion monthly transactions in four years, with 140 member banks using its rails to enable payments for customers.

    Market Infrastructure

    ASIC Approves ABA’s Updated Banking Code of Practice

    By Editors | 18/12/2019

    ASIC has given its final approval for the new version of the Banking Code of Practice, which implements recommendations from the Royal Commission.

    Market Infrastructure

    FSB Report Highlights Risks of Continued LIBOR Reliance

    By Editors | 18/12/2019

    In its latest progress report on benchmark reform implementation, the FSB calls for “significant and sustained efforts” to transition away from LIBOR by end-2021.

    Market Infrastructure

    FSB Publishes Work Programme for 2020

    By Editors | 18/12/2019

    The work programme for 2020 reflects the evolving nature of the global financial system and associated risks to financial stability, the FSB says.

    Market Infrastructure

    Taiwan to Boost Competitiveness as Financial Centre

    By Editors | 18/12/2019

    Taiwan will relax its rules on financial products, expanding its OBU business, and boost the resilience and innovativeness of Taiwanese financial institutions.

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