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Supervision & Enforcement
US OCC Fines JPMorgan for Weak Controls Over Fiduciary Activities
By Editors | 29/11/2020
The deficiencies identified by the OCC constituted unsafe or unsound practices that were part of “a pattern of misconduct”, says the consent order.
Payments & Settlements
Australia, Singapore to Trial Paperless Trade Using Blockchain
By Editors | 29/11/2020
The Australian Border Force, Singapore Customs, and IMDA, as well as industry groups and financial institutions, will participate in the trial.
Conduct, Culture & Accountability
Australia Gets New Guidance for Internal Auditors in Financial Services
By Editors | 29/11/2020
The Better Practice Guide was developed by industry practitioners with APRA and ASIC serving as vocal observers and EY and KPMG providing secretariat support.
Trading & Investment
TFEX Announces Launch of Japanese Rubber Futures Contract
By Editors | 29/11/2020
The cash-settled rubber futures contract will use the Osaka Exchange’s RSS3 futures delivery prices as settlement prices on the Thailand Futures Exchange.
Structural Regulation
Indonesia Prepares to Launch Sovereign Wealth Fund
By Manesh Samtani | 29/11/2020
Indonesia will need to pay particular attention to the governance of the new fund, as Malaysia’s 1MDB scandal still looms large in the minds of global investors.
Payments & Settlements
Myanmar Launches New Interbank Payment, Settlement System
By Sanday Chongo Kabange | 29/11/2020
Modelled after Japan’s national payment system, the new system is expected to enhance straight-through processing between the central bank and FIs.
Trading & Investment
DSB Calls for Asian Members to Join Product Committee
By Editors | 29/11/2020
The DSB seeks to expand its Product Committee membership to include more OTC derivatives users from Asia to further broaden industry collaboration geographically.
Clearing & Post-Trade
CFTC Adopts Rule Changes to Facilitate Foreign Swaps Clearing
By Editors | 29/11/2020
The CFTC has extended no-action relief for non-US swap dealers from reporting requirements, and finalised rules for exempting non-US clearinghouses from registration requirements.
Structural Regulation
Philippine Central Bank Introduces Digital Banking Framework
By Editors | 27/11/2020
Foreign individuals and non-bank corporations are allowed to hold up to 40% of a digital bank’s voting shares, while foreign banks are allowed to hold up to 100%.
Structural Regulation
MAS On Track to Award Digital Bank Licences by Year-End
By Manesh Samtani | 26/11/2020
Regulatory changes impacting some of the Chinese digital bank applicants are unlikely to have an impact on the granting of the new licences in Singapore.
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