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Conduct, Culture & Accountability
UPDATED – Japan Post Vows to Compensate Customers for Mis-sold Insurance
By Editors | 11/07/2019
Some 93,000 cases were found where customers were left uninsured due to inappropriate sales tactics, paid double premiums, or were denied coverage for paid up insurance policies.
Conduct, Culture & Accountability
ANZ Agrees to Settle 2010 Fees-Related Class Action for A$1.5m
By Editors | 11/07/2019
Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.
Trading & Investment
RBI Proposes to Extend Trading Hours for Forex, Money Market
By Editors | 11/07/2019
An RBI working group has proposed extending onshore FX trading from 5pm to 9pm, in a bid to recapture liquidity lost to offshore markets in recent years.
Structural Regulation
SGX RegCo Announces Changes to Voluntary Delisting Rules
By Editors | 11/07/2019
The new rules require exit offers in conjunction with voluntary delistings to be both “reasonable” and “fair”, and exclude the offeror and concert parties from the shareholder vote.
Trading & Investment
China Introduces Trading Alerts for Interbank Repo Rates
By Editors | 11/07/2019
The move follows the PBOC’s suspension of traders earlier this week for “abnormal” trades which put the overnight repo rate far below normal market rates.
Supervision & Enforcement
SFC Fines Celestial Commodities for Mishandling Client Money
By Editors | 10/07/2019
Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.
Structural Regulation
FSC Korea to Resume Accepting Internet-Only Bank Applications
By Editors | 10/07/2019
The FSC will once again start receiving applications for new internet-only banks in October, with a view to granting one or more new licences by year-end.
Alternative Markets
Philippines SEC Approves Crowdfunding Rules
By Editors | 10/07/2019
The Philippines SEC has issued rules governing the operation and use of equity- and lending-based crowdfunding to help smaller firms access financing.
Conduct, Culture & Accountability
ASIC to Target Short Term Credit Industry With New Powers
By Editors | 10/07/2019
Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC’s proposed first use of its new product intervention power.
Cryptocurrency
Singapore Proposes GST Exemption for Digital Token Payments
By Editors | 09/07/2019
Transactions involving digital tokens or cryptocurrencies that function or are intended to function as a medium of exchange will be exempt from GST.
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