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Operational Risk
RBNZ Orders ANZ New Zealand to Improve Director Attestation Processes
By Editors | 16/12/2019
A report from Deloitte shows some level of complacency in ANZ’s director attestation framework, but no evidence of a culture that supports non-compliance or deception.
Conduct, Culture & Accountability
ASIC Increases Scrutiny on Audit Practices as Quality Drops
By Editors | 16/12/2019
ASIC’s latest inspection results show that audit firms did not obtain the required assurance in 26% of examined key audit areas, particularly in the audit of revenue and non-financial asset impairment.
Supervision & Enforcement
MAS Revokes Fund Manager’s CMS Licence for Regulatory Breaches
By Editors | 16/12/2019
The CMS licensee is a Singapore company set up by CT Bright Holdings Limited, a joint investment vehicle formed by Thai conglomerate CP Group and Japan’s ITOCHU Corporation.
Market Data & Technology
TMA Publishes Consultation Conclusions on HONIA Enhancements
By Editors | 16/12/2019
HONIA will continue to be calculated based on data from the existing five contributing money brokers for now, but the reporting window will change to 8:00-16:00.
Trading & Investment
FSC Korea Finalises Measures to Protect Investors From Risky Products
By Editors | 16/12/2019
The sale of highly complex derivative products will still be banned, but banks will be allowed to sell equity-linked trusts linked to the KOSPI 200, S&P 500, Euro Stoxx 50, HSCEI or Nikkei 225.
Trading & Investment
HKEX Finalises Enhancements to Pre-Opening Session, Volatility Controls
By Editors | 16/12/2019
The enhancements to the pre-opening session will be adopted in the second quarter of 2020. The stock-level volatility control mechanism will be expanded in the second half of 2020.
Supervision & Enforcement
APRA Imposes Licence Conditions on CBA-owned Avanteos Investments
By Editors | 13/12/2019
CBA-owned Avanteos Investments charged over 2200 deceased members adviser service fees for 15 years, resulting in a total financial impact of over A$6mn.
Conduct, Culture & Accountability
UK Senior Managers Regime Now Covers All FCA Regulated Firms
By Editors | 13/12/2019
All FCA regulated firms, including asset managers and hedge funds, now have to comply with the SM&CR, including for senior managers and key risk-takers hired at overseas branches.
Conduct, Culture & Accountability
MAS Forms Culture and Conduct Steering Committee for Insurance
By Editors | 13/12/2019
The steering committee will monitor trends and identify emerging issues, and collaborate with MAS on initiatives to promote strong culture and conduct in Singapore’s insurance industry.
Tokenisation
CPMI Offers Guidance for Designers of Wholesale Digital Tokens
By Editors | 12/12/2019
The report describes the potential innovations and design questions associated with digital tokens that could be used to settle large-value payments.
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