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Conduct, Culture & Accountability
S. Korean Banks Create Self-Regulating Hiring Guidelines
By JP Reimann | 07/06/2018
Guidelines will reintroduce written exams, involve outside experts in screening and interviews, adopt “blind recruitment” to prevent discrimination, and abolish recommendation-based hiring.
Payments & Settlements
Singapore, India Establish Joint Working Group on FinTech
By Karen Chiu | 06/06/2018
Joint working group to foster closer fintech cooperation, including through real-time cross border fund transfers and links between payment system operators.
Trading & Investment
Taiwan to Launch Crude Oil Futures in July
By Manesh Samtani | 05/06/2018
Taiwan Futures Exchange chairman says crude oil futures will allow domestic investors to trade without adverse currency fluctuations; also exploring the application of fintech and other technologies for clearing services.
Structural Regulation
ASIC Consults on ‘Foreign’ AFS Licence Proposal
By Manesh Samtani | 05/06/2018
New approach would replace current mechanism of granting relief to foreign financial service providers from AFS licensing, and provide ASIC with broader range of tools to regulate the activities of foreign providers.
Emerging Prudential Risks
China Resolves to Boost SMEs Financing to Mitigate US Tax Cut
By Garima Chitkara | 04/06/2018
Cabinet extends VAT exemption three more years for small firms, cuts reserve requirement at banks, commits to increasing financing options; PBOC reforms medium term lending facility to increase funding for SMEs.
Market Abuse
Citi, Deutsche, ANZ Face Criminal Cartel Charges in Australia
By Garima Chitkara | 04/06/2018
Citigroup, Deutsche Bank and ANZ are facing criminal charges in Australia after an investigation revealed cartel behaviour in the trading of ANZ stock.
Conduct, Culture & Accountability
New Zealand Publishes Revised Code of Banking Practice
By JP Reimann | 04/06/2018
New code promises fair treatment, clear communication, customer privacy, responsible lending, effective complaints handling.
Conduct, Culture & Accountability
Japan Publishes Revised Corporate Governance Code
By JP Reimann | 04/06/2018
Revised code urges disclosure of plans to reduce cross-shareholdings, pushes for diversity in management, including more women non-Japanese.
Structural Regulation
Malaysia Scraps GST on Banking Products
By Manesh Samtani | 03/06/2018
Effective 1 June, Malaysian banks will impose a zero percent GST on all banking products and services, previously subject to 6% GST.
Structural Regulation
HKMA Finalises Virtual Bank Rules, Applications Now Open
By JP Reimann | 01/06/2018
Regulator publishes final guidelines but no change in capital requirements; companies seeking inclusion in first batch of virtual bank applications can apply by 31 August.
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