Transition testing will be conducted initially for six months to determine if a transition to the proposed waterfall methodology is possible or if further refinements are needed.
ASIC is assessing changes to the Code proposed by the ABA in two stages, the first of which has been approved and is reflected in the latest version which took effect on 1 July.
APRA proposes to require ADIs to identify and register an accountable person to hold end-to-end product responsibility for each product offered to customers.
Grace Chong at Simmons & Simmons JWS recapitulates the key points from MAS’ feedback to the first consultation on the IAC Guidelines, and charts the course ahead.
The initiative effectively extends digital bank licences to non-bank players, as existing banking groups in Singapore already have a framework for setting up digital bank subsidiaries.
The materials include high level training videos and detailed guidance on the questionnaire, aimed at facilitating its implementation and halting the decline in correspondent banking.
The proposals seek to ensure resilience of critical systems, reliability of outsourced services, and appropriate management of cyber and data security risks, among other requirements.
The NZX improved its market surveillance function in response to last year's FMA review. It is also planning to complete a trading system upgrade next year, using NASDAQ technology.
Lenders were found to be favouring borrowers with deposits at their banks, linking loans to the sale of other products, and illegally charging financing fees.
The Japanese Bankers Association asks the HKMA and SFC to develop rules that automatically assign the UTI generation responsibility, rather than rely on bilateral agreement between counterparties.