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Conduct, Culture & Accountability
New Financial Consumer Protection Law to Take Effect in Korea
By Sanday Chongo Kabange | 21/03/2021
The law expands consumer rights, raises penalties for breaches, and requires FIs to set up internal controls to protect consumers.
Structural Regulation
Malaysia SC Outlines Capital Market Plans for 2021
By Sanday Chongo Kabange | 21/03/2021
The SC said it will launch its five-year Capital Market Masterplan 3 in H2 2021, strengthen its regulatory capabilities, and streamline conduct requirements.
Conduct, Culture & Accountability
ASIC Bans Director, Account Managers at FX Broker
By Editors | 21/03/2021
Clients were pressured to deposit funds into their trading accounts, engage in high-risk trading, and delay or cancel withdrawal requests.
Supervision & Enforcement
RBI Fines SBI For Noncompliant Commission Payments
By Editors | 18/03/2021
State Bank of India violated rules prohibiting banks from paying remuneration in the form of commission or a share of profits.
Cloud & Infrastructure
Australia to Expand Scope, Length of Fintech Select Committee
By Editors | 18/03/2021
The FinTech Select Committee’s mandate has been extended from an April deadline to October 2021. A report on its work programme is expected in April.
Trading & Investment
Vanguard Scraps Plans to Obtain China Mutual Fund Licence
By Editors | 18/03/2021
Vanguard says the mutual funds market is “fairly crowded” and that it would instead focus on a JV with Ant Group providing robo-advisory services to retail investors.
Structural Regulation
BOT to Continue THBFIX Publication until Mid-2023
By Editors | 18/03/2021
Banks should not undertake transactions using THBFIX from 1 July 2021 onwards. The BOT has started publishing fallback rates for THBFIX.
Cloud & Infrastructure
BNM Increases Funding for SME Digitalisation Initiatives
By Editors | 18/03/2021
The SME Automation and Digitalisation Facility, launched in March to help SMEs automate processes and digitalise operations, has more than tripled in size.
Structural Regulation
RBA Keeping ‘Close Eye’ on LIBOR Transition Progress
By Manesh Samtani | 18/03/2021
Firms should not wait for a term RFR or credit-spread adjustments to reference in non-derivatives products, says RBA assistant governor Christopher Kent.
Structural Regulation
APRA to Update Licensing Approach for New Banking Entrants
By Editors | 18/03/2021
The proposed approach will support newly licensed banks so they are better equipped to succeed, according to APRA Deputy Chair John Lonsdale.
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