Structural Regulation

Structural Regulation

Mizuho to Seek EU Regulatory Approval to Convert to Universal Bank

By Editors | 23/10/2023

Mizuho Financial Group plans to merge its Amsterdam-based banking business and its Frankfurt-based securities business in 2025.

Cryptocurrency

EBA, ESMA Consult on Suitability, Remuneration Under MiCA

By Editors | 23/10/2023

Joint guidelines cover suitability of management, owners and board members of crypto firms and stablecoin issuers. Separate EBA consultation covers remuneration policies.

Data Privacy

US CFPB Proposes Rule to Implement Open Banking

By Editors | 23/10/2023

The CFPB says the proposed rule would allow consumers to “break up” with banks that provide bad service and forbid companies from misusing personal financial data.

Operational Risk

SEBI Issues Guidelines to Boost Operational Resilience of QRTAs

By Editors | 23/10/2023

QRTAs are required to declare a disaster within 30 minutes of an incident and must be able to switch to the DRS within 45 minutes.

Cloud & Infrastructure

Google to Set Up Global Fintech Headquarters in India’s GIFT City

By Mark Johnston | 20/10/2023

Google will set up its global fintech headquarters in GIFT City and invest $10bn in India’s digitisation fund.

Fraud, Scams & Cybercrime

Taiwan FSC Issues New Guidelines for P2P Lending Platforms

By Editors | 20/10/2023

P2P platform operators have to implement six risk control mechanisms, including a real-name account system and arrangements for segregating customer funds.

Structural Regulation

Hong Kong Gazettes Commencement Notice for Bankruptcy Legislation

By Sanday Chongo Kabange | 20/10/2023

The Commencement Notice seeks to appoint 29 December 2023 as the commencement date for amendments to the Bankruptcy and Companies Legislation.

Payments & Settlements

RBNZ to Amend ESAS Access Policy, Eligibility Criteria

By Editors | 20/10/2023

RBNZ consultation revealed “considerable demand” for access to ESAS by non-banks for payments and settlements, access to HQLA, and interest income.

Cryptocurrency

ESMA Calls on NCAs, Crypto Firms to Start Preparing for MiCA

By Manesh Samtani | 20/10/2023

ESMA is concerned that MiCA’s optional grand-fathering period might allow some crypto firms to continue operating without a full licence all the way until July 2026.