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Data Privacy
ACCC, OAIC Outline Enforcement Approach to Data Rights Breaches
By Editors | 11/05/2020
A ‘strategic risk-based approach’ to compliance and enforcement has been adopted, focusing on building consumer confidence in the security and integrity of the Consumer Data Right system.
Structural Regulation
Japan to Propose Easier Fintech Investment Rules for Banks – Report
By Editors | 07/05/2020
The proposal includes scrapping a requirement for bank holding companies to obtain FSA approval to acquire more than 15% of nonfinancial companies.
Structural Regulation
S. Korea Enhances Flexibility for Financial Investment Businesses
By Editors | 04/05/2020
The legislative revisions will allow firms greater flexibility to implement Chinese walls and outsource key functions, while allowing for harsher penalties when issues arise.
Cybersecurity
SFC Offers Guidance on Cyber Risk of Remote Office Arrangements
By Editors | 29/04/2020
In a circular, the SFC sets out examples of controls and procedures to help licensed corporations protect their internal networks and data.
Cloud & Infrastructure
G20 TechSprint Invites Firms to Develop Regtech, Suptech Solutions
By Editors | 29/04/2020
Private firms are invited to develop solutions to improve regulatory reporting, crypto asset AML monitoring, and supervisory information sharing.
Emerging Prudential Risks
Banking Regulation, Innovation Responsible for Shadow Bank Growth
By Editors | 29/04/2020
Regulatory burden on banks and technological improvements are likely the two most important factors behind shadow bank growth, a new paper says.
Operational Risk
Legacy Systems, Poor Data Quality Hindering BCBS 239 Adoption
By Manesh Samtani | 29/04/2020
Some banks have changed their BCBS 239 implementation strategies to comprehensively improve data quality, but this will take considerable time to resolve.
Cloud & Infrastructure
Beijing Fintech Regulation Pilot to Expand to Six Other Cities
By Editors | 29/04/2020
The expanded pilot programme will seek to guide FIs and fintech firms towards exploring the use of technology to support small firms with funding difficulties.
Data Privacy
Privacy Concerns, Bank Mistrust Lead to Higher Cash Use: Study
By Editors | 28/04/2020
The findings suggest that government policy to promote electronic payments may have to address fundamental concerns about privacy and confidence in financial institutions.
Cybersecurity
China: Critical Technology Subject to Cybersecurity Review from 1 June
By Editors | 28/04/2020
The new regulations, jointly released by 12 government agencies, are not intended to restrict or discriminate against foreign products or services, an official said.
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