Operational Risk

Cybersecurity

Taiwan’s FSC Amends Regulations for Financial Holding Companies

By Darien Choong | 26/10/2021

Foreign banks in Taiwan are no longer required to have a local chief of information security if there is a designated officer at the head office or regional level.

Structural Regulation

HK Financial Sector Calls for Easing of Covid Restrictions

By Sanday Chongo Kabange | 25/10/2021

Nearly half of surveyed FIs are considering moving staff or functions away from Hong Kong due to operational challenges, including travel and quarantine uncertainty.

Operational Risk

MAS Consults on Revisions to BCM Guidelines

By Manesh Samtani | 23/10/2021

The guidelines emphasise the need for FIs to take an end-to-end view in ensuring the continuous delivery of critical business services and functions.

Emerging Prudential Risks

US Regulators Publishes Guidance on ‘Orderly’ LIBOR Transition

By Sanday Chongo Kabange | 21/10/2021

A draw on an existing agreement that is legally enforceable, such as a committed credit facility, would not be viewed as a new contract.

Credit Risk

APRA Postpones Implementation of Updated ARS 720.1

By Ranamita Chakraborty | 21/10/2021

Delaying the commencement will provide ADIs with more time to make transition to the updated standard, APRA said.

Conduct, Culture & Accountability

APRA Issues Updated Guidance on New Remuneration Standards

By Sanday Chongo Kabange | 21/10/2021

The guidance has been updated to align with the Financial Accountability Regime and provide additional examples of better practices to help entities transition smoothly.

Cybersecurity

FSB Seek Global Harmonisation in Cyber Incident Reporting

By Editors | 20/10/2021

The FSB will promote convergence in cyber incident reporting by developing best practices, defining information to be shared, and creating common terminologies.

Conduct, Culture & Accountability

Australian Court Fines Colonial First State for Misleading Members

By Editors | 19/10/2021

The court said Colonial First State Investments engaged in a 26-month “concerted campaign” that sought to take advantage of members.

Structural Regulation

FMA Sets Target Dates for Financial Advice Licensing

By Editors | 19/10/2021

Transitional licences under the new financial advice regime will expire on 16 March 2023. Providers are asked to apply for full licences ahead of time.