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Conduct, Culture & Accountability
APRA Finalises Prudential Standard on Remuneration
By Manesh Samtani | 29/08/2021
The prudential standard on remuneration will come into effect from 1 January 2023 initially for the largest and most complex ADIs.
Emerging Prudential Risks
PBOC Receives Third Financial Holding Company Application
By Sanday Chongo Kabange | 29/08/2021
Beijing Financial Holdings Group is the third company to apply for a licence after China CITIC and China Everbright Group.
Cybersecurity
ASIC Prioritises Economic Recovery in New Corporate Plan
By Ranamita Chakraborty | 26/08/2021
ASIC’s key external priorities for the next four years include the economy, innovation, consumer harm, cyber resilience, and industry readiness for regulatory reforms.
Trading & Investment
Korean Fund Managers Allowed to Cross-List Chinese ETFs
By Sanday Chongo Kabange | 26/08/2021
The FSC has enacted rule changes that allow domestic asset management firms to cross-list Chinese ETFs in Korea starting Friday (27 August).
Trading & Investment
US Treasury ‘Will Not Adjudicate’ on LIBOR Replacement Rates
By Manesh Samtani | 26/08/2021
Nonfinancial corporations were seeking clarity on alternative rates and help to address difficulties obtaining loan agreements based on SOFR.
Conduct, Culture & Accountability
Australian Court Fines NAB Over Fee Disclosure Statements
By Sanday Chongo Kabange | 26/08/2021
NAB charged fees for personal advice without providing customers fee disclosure statements, providing them late, or containing false misleading information.
Trading & Investment
Malaysia Further Extends Restrictions on Intraday Short Selling
By Editors | 26/08/2021
Bursa Malaysia plans to introduce the “at-tick rule”, under which intraday short sale orders can only be placed at the best selling price or higher.
Payments & Settlements
Bank Indonesia Issues Framework for Open Banking
By Sanday Chongo Kabange | 26/08/2021
Under the framework, 16 banks and payment service providers will be required to adopt open API systems by June 2022.
Conduct, Culture & Accountability
Westpac Subsidiaries Fined for Breaching Best Interests Duty
By Sanday Chongo Kabange | 26/08/2021
Westpac Securities Administration and BT Funds Management were fined for failing to act in their clients’ best interests in a case that dates back to 2016.
Structural Regulation
SEC Directs Chinese Firms to Issue Disclosures on VIE Structures
By Sanday Chongo Kabange | 26/08/2021
Chinese companies have started to receive instructions from the SEC on the disclosures they must provide on their use of VIEs for US-bound IPOs.
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