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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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