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Payments & Settlements
RBA Considers Mandating ‘Least Cost Routing’ – Reports
By Editors | 07/02/2020
Forcing banks to route payments through EFTPOS rather than Visa or Mastercard could save retailers an estimated A$500mn a year.
Conduct, Culture & Accountability
Banks Against Penalties Proposed in New Accountability Regime
By Editors | 07/02/2020
Australia’s new Financial Accountability Regime will subject accountable persons to penalties up to A$1.05mn per breach, or three times the benefit derived or detriment avoided, whichever is higher.
Trading & Investment
NAFMII Enables ‘Green Channel’ Bond Issuance Amid Virus Outbreak
By Editors | 07/02/2020
NAFMII will support companies affected by the coronavirus outbreak and those helping to contain it by enabling a ‘green channel’ for fundraising and debt issuance.
Conduct, Culture & Accountability
MAS Proposes New Requirements for Insurers Managing Par Funds
By Editors | 07/02/2020
Among the new requirements introduced for insurers is an obligation to ensure that any charge or expense allocated to the Par Fund is “fair and reasonable”.
Alternative Markets
SEBI Tightens Disclosure Standards for Alternative Investment Funds
By Editors | 07/02/2020
SEBI has set out minimum disclosure standards and introduced mandatory performance benchmarking for alternative investment funds.
Fraud, Scams & Cybercrime
AMP Ordered to Pay A$5m Penalty for Insurance Churn
By Editors | 06/02/2020
A federal court ordered AMP to pay a A$5.175 penalty for failing to prevent its financial planners from engaging in insurance churn for higher commissions.
Market Abuse
SFC Imposes One-Year Ban on RHB Securities Analyst
By Editors | 06/02/2020
The analyst traded stocks covered in research reports he prepared through his father’s securities trading account held at another brokerage.
Data Privacy
ACCC Publishes Final Data Sharing Rules for Open Banking
By Editors | 06/02/2020
The Consumer Data Right Rules give legislative force to consumer requests for banks to share their data with accredited data recipients.
Trading & Investment
ISDA to Re-consult on Pre-cessation Fallbacks This Month
By Editors | 06/02/2020
ISDA will consult on a single protocol that would allow participants to include both pre-cessation and permanent cessation fallbacks in derivatives trades.
KYC & CDD
India Streamlines FPI Registration Process
By Editors | 05/02/2020
The new ‘Common Application Form’ can be used for three purposes – FPI registration with SEBI, PAN issuance by the CBDT, and KYC for account opening with intermediaries.
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