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Conduct, Culture & Accountability
NZ FMA Expects Proactive Self-reporting of Misconduct Issues
By Editors | 08/11/2021
The minimum expectation for good conduct risk management is for firms to self-report potential breaches to the FMA, said acting general counsel Karen Chang.
Structural Regulation
HK to Introduce Licensing System for Agents Selling Foreign Property
By Editors | 08/11/2021
Under Hong Kong’s existing regime, estate agents who exclusively sell overseas properties are currently exempt from licensing requirements.
Payments & Settlements
Singapore, Philippines to Pursue Cross Border Payment Links
By Editors | 08/11/2021
MAS and the BSP have agreed to pursue real time and QR payment systems links to enable instant, seamless and low-cost cross-border payments.
Trading & Investment
Hong Kong to Issue First HONIA Floating Rate Notes
By Manesh Samtani | 08/11/2021
The issuance is aimed at encouraging the private sector to issue similar products and develop of other HONIA-linked instruments.
Payments & Settlements
Singapore Banks to Automate GIRO Application Process
By Darien Choong | 08/11/2021
The current GIRO application process takes three to four weeks to complete. The eGIRO service will reduce turnaround time to a few minutes for consumers.
Structural Regulation
SEC Approves PCAOB Framework for HFCAA Determinations
By Editors | 07/11/2021
The framework sets out how the PCAOB will determine that it is unable to inspect the foreign audit firm of a US listed company and force a delisting.
Conduct, Culture & Accountability
HKMA Issues New Code of Practice for Banks’ Trust Business
By Sanday Chongo Kabange | 07/11/2021
Locally incorporated AIs should ensure their trust subsidiaries comply with the code of practice. Supervisory action may be taken for noncompliance.
Structural Regulation
Philippines Streamlines Bank Merger Application Processes
By Editors | 07/11/2021
A five agency agreement will see documentary requirements cut in half and total processing times reduced from 160 to 55 business days.
CBDCs
Multi CBDC Bridge Project Moves to Test New Use Cases
By Sanday Chongo Kabange | 07/11/2021
The mBridge project team has collaborated with private sector participants to identify 15 potential business use cases that are now being tested.
Conduct, Culture & Accountability
ASIC to Assume Responsibilities for Financial Advice Industry
By Editors | 07/11/2021
Financial advisers providing personal advice to retail clients have to register with ASIC by 1 January 2023. ASIC will also administer the financial adviser exam.
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