The Productivity Commission report urges for more competition in Australia’s banking sector – a recommendation re-enforced by Treasurer Scott Morrison in a speech to industry executives.
The MSEI is under investigation by the government of India and SEBI for alleged fraud and mismanagement, and has hired a forensic auditor to look into the allegations made by two whistleblowers.
Stricter regulations are intended to limit abuses, improve government oversight and allow the entry of foreign enterprises for the first time. But, a more comprehensive framework is needed to manage systemic risk posed by the sector’s rise.
Pending an update from the Basel Committee on FRTB, the SFC will assess the readiness of LCs to adopt the internal models approach for market risk based on the Basel II.5 framework.
The Chinese government has allowed unregulated online participants to innovate and grow in a sector traditionally dominated by state banks. Systemic risk has increased by not imposing strict and comprehensive regulatory regimes.
Hackers have stolen non-financial data of over 120,000 customers from Kasikornbank and Krungthai Bank in the first such data leak in the Thai banking sector.
IOSCO believes volatility control mechanisms support the goal of ensuring markets are fair, efficient and transparent, thereby increasing market integrity and investor confidence.
World First Asia subsidiary Yuefan Business Consulting would become the first foreign-funded third-party payment institution in China if its licence is approved.
Kayou Payment Services and Free Me Pay were ordered to exit merchant acquisition business and to pay penalties totaling $5mn for violating payment and settlement rules.
New regulations require overseas financial network and information services providers such as SWIFT to submit written reports to the PBOC.