Operational Risk

Supervision & Enforcement

APRA Fines OnePath Custodians for Breaching Superannuation Law

By Sanday Chongo Kabange | 19/06/2023

OnePath Custodians failed to direct 125 default member contributions to a MySuper product as required by the law.

Payments & Settlements

BSP Proposes Enhance Guidelines for Electronic Fund Transfers

By Editors | 15/06/2023

In the event of unsuccessful transactions, financial institutions must return the amount to the sender within one hour.

Cybersecurity

ASIC Invites Regulated Entities to Assess Cyber Resilience

By Editors | 13/06/2023

ASIC’s cyber pulse survey will measure entities’ current cyber security and controls, governance arrangements, and incident preparedness.

Payments & Settlements

IFSCA Consults on Regulations for GIFT City Payment Firms

By Mark Johnston | 13/06/2023

The proposed regulations cover authorisation, supervision, governance arrangements, and risk management.

Operational Risk

FMSB Publishes Spotlight Review on “3 Lines” Model

By Editors | 09/06/2023

The FMSB review calls for the 3 Lines Model to be repositioned as a lens for examining risk management frameworks.

Cryptocurrency

Cboe Granted Approval to Clear Margined Crypto Futures

By Sanday Chongo Kabange | 07/06/2023

To date, Cboe has offered trading and clearing of Bitcoin and Ether futures only on a fully collateralised basis.

Clearing & Post-Trade

ASX Releases Reports on CHESS System to ASIC, RBA

By Sanday Chongo Kabange | 06/06/2023

ASX to keep CHESS operational until at least 2032. ASIC said it is prepared to take regulatory action to ensure ASX complies with its regulatory obligations.

Operational Risk

Regulators Urge Firms to Complete LIBOR Transition Efforts

By Manesh Samtani | 04/06/2023

At least $700bn worth of junk rated US corporate loans are still priced using USD LIBOR, according to estimates.

Operational Risk

China to Issue New Rules for Debt Collectors in August

By Sanday Chongo Kabange | 01/06/2023

One of China’s biggest debt collection firms is considering ceasing operation due to tightening supervision of the industry.