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Fraud, Scams & Cybercrime
ASIC Files Federal Court Suit Against AMP Companies
By Editors | 30/05/2021
ASIC has taken court action against AMP for charging deceased customers insurance premiums and advice fees. AMP has already remediated the impacted customers.
Structural Regulation
CBIRC Finalises Rules on the Sale of Wealth Management Products
By Manesh Samtani | 30/05/2021
The rules take effect from 27 June, with a new six-month transition period before full compliance is required.
Credit Risk
S. Korea: Internet Banks to Boost Low Credit Score Lending
By Ranamita Chakraborty | 30/05/2021
Internet-only banks will expand lending to mid to low credit borrowers to at least 30 percent of total lending by end-2023.
Conduct, Culture & Accountability
ASIC Files Criminal Charges Against ME Bank
By Editors | 29/05/2021
ME bank made “false or misleading” representations in home loan customer communications and failed to give timely notice of changes to the loan terms.
Conduct, Culture & Accountability
FSC Korea Provides No-Action Relief on Consumer Protection Law
By Editors | 29/05/2021
Action will not be taken against violations of regulations introduced or strengthened by the new Financial Consumer Protection Act until 24 September.
Trading & Investment
CBIRC Directs Banks to Stop Selling Commodities Futures – Report
By Sanday Chongo Kabange | 28/05/2021
The CBIRC has asked banks to completely unwind their books for commodities-linked products and stop selling them to individual investors.
Credit Risk
Ant Group Suspends ABS Products Amid Regulatory Pressure
By Sanday Chongo Kabange | 28/05/2021
The suspended asset-backed securities are backed by online loans sold on Ant Group’s online lending platforms, Huabei and Jiebei.
Trading & Investment
Westpac Becomes First Aussie Major to Issue SOFR Debt
By Editors | 28/05/2021
The bond issuance included a $300mn floating-rate bond tranche maturing in five years that was priced at a 52 basis point spread over SOFR.
Conduct, Culture & Accountability
LIBOR Transition in Cash Markets Remains Slow: ASIC
By Manesh Samtani | 28/05/2021
Only 14 percent of post-cessation date loans have robust fallbacks in place, said ASIC’s Nathan Bourne at a Bloomberg-ICMA webinar.
Structural Regulation
FIA Seeks Additional Clarity on China’s “Historic” Futures Law
By Manesh Samtani | 27/05/2021
FIA is requesting additional clarity on settlement finality and proposing that the protections in the new futures law be further expanded.
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