Market Infrastructure

Market Infrastructure

MAS Consults on Subsidiary Legislation for Winding Up VCCs

By Editors | 25/07/2019

The MAS is seeking feedback on proposed subsidiary legislation relating to the insolvency and winding up of a VCC and its sub-funds.

Fintech / Regtech

First Non-Financial Firm Approved to Raise Stake in Korean Digital Bank

By Editors | 25/07/2019

According to the FSC, messenger app operator Kakao has met the qualification criteria for owning a 34% stake in Kakao Bank, one of Korea’s two internet-only banks.

Enforcement

Equifax to Pay Up to $700m to US Authorities for 2017 Data Breach

By Editors | 24/07/2019

The penalty amounts allocated to the consumer compensation fund represent less than 3 US dollars for each of the estimated 147 million consumers who had their data stolen in 2017.

Big Picture

New Zealand FMA Sets Out Key Focus Areas, Strategic Objectives

By Editors | 24/07/2019

The FMA is prioritising governance, culture, systems and controls, as well as mechanisms to deter misconduct and facilitate informed decision-making by investors and customers.

Market Infrastructure

APRA Proposes New Prudential Standard on Executive Pay

By Editors | 24/07/2019

Key proposals include limits on the financial performance component of variable compensation, a 7-year deferral period for executive bonuses, and claw back for up to 4 years.

Market Infrastructure

BSE, SSE to Explore Dual Listings, Offshore RMB Products

By Editors | 23/07/2019

BSE India and the Shanghai Stock Exchange have agreed to develop communication channels to facilitate cross-border capital market cooperation.

Market Infrastructure

BCBS, IOSCO Agree One-year Phased Extension of Initial Margin Rules

By Editors | 23/07/2019

Initial margin requirements for firms with uncleared derivatives exceeding $8bn have been extended to September 2021; firms exceeding a $50bn threshold will have to comply in September 2020.

Capital / Liquidity

RBI Urges Better Risk Monitoring, Faster NPA Resolution at State Banks

By Editors | 23/07/2019

RBI governor Shaktikanta Das asked state-owned banks to speed up bad debt recovery efforts, strengthen internal controls and risk monitoring, and help fix the ongoing NBFC liquidity crisis.

Market Infrastructure

Australia to Re-Introduce Open Banking Legislation This Week

By Editors | 23/07/2019

The Australian Banking Association welcomes the re-introduction of the legislation, following a lapse earlier this year when the federal parliament was dissolved.