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Clearing & Post-Trade
RBI Allows Banks to Post Margin Onshore for Offshore Clients
By Editors | 17/02/2021
AD Cat-I Banks may post and collect margin in India for a permitted derivative contract entered into with a person resident outside India.
Conduct, Culture & Accountability
ASIC Seeks Penalties from CBA for Overcharged Interest
By Editors | 17/02/2021
Due to a systems error, CBA charged more than 1,510 customers a higher interest rate than they were advised, amounting to A$2.2 million in overcharged interest.
Conduct, Culture & Accountability
Australia: Licencing Regime for Debt Management Firms Wins Support
By Editors | 17/02/2021
The ABA suggests that ASIC be charged with supervising fee structures of debt management firms to further protect consumers, among other recommendations.
Trading & Investment
RBI Issues Draft Guidelines to Open Up CDS Market
By Manesh Samtani | 16/02/2021
Under the guidelines, retail users will be allowed to buy permitted credit derivatives for hedging purposes, whereas non-retail can do so for any purpose.
Conduct, Culture & Accountability
ASIC Issues Update on Advice Compensation Paid by Banks
By Editors | 16/02/2021
Australia’s largest financial institutions have paid over A$1.24 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.
KYC & CDD
Bangladesh Launches Online Account Opening for Stock Investors
By Editors | 16/02/2021
The new system will reduce the time it takes for investors to open an account and minimise the number of accounts opened using fake information, BSEC said.
Payments & Settlements
S. Korean Law to Help Reverse Mobile Payments Made in Error
By Editors | 16/02/2021
New legislation set to take effect in July will task the KDIC with helping users of mobile payment apps to retrieve funds that are transferred in error.
Structural Regulation
GLEIF to Implement New Policies, File Formats in Global LEI System
By Editors | 15/02/2021
Users must plan to implement the updated file formats to ensure uninterrupted access to LEI data beyond 31 March 2022, GLEIF said.
Structural Regulation
CPA Australia Calls for Reforms to ASIC Funding Model
By Editors | 15/02/2021
The accounting body has asked the government to consider the adoption of a partial cost-recovery model for ASIC to ease the burden on the financial industry.
Conduct, Culture & Accountability
CBIRC Punishes Staff for Violating Personal Investment Rules
By Editors | 15/02/2021
The regulator found that 429 individuals engaged in prohibited financial activity involving CNY 160 million and has taken action in 106 cases so far.
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