New rules include leverage limits, a ban on implicit guarantees, risk reserve provisioning amounting to 10% of management fees; transition period for full compliance to last until end-2020.
May 3, 2018MAS has released guidelines on promoting individual accountability of senior managers, strengthening employee oversight, and embedding 'proper conduct' standards at financial institutions.
April 30, 2018Australia released new draft regulations to make technical amendments to the levies in the industry funding framework; consultation closes on 14 May 2018.
April 26, 2018Toolkit offers options on standards and codes of behavior, measures related to wholesale market conduct, guidance on compensation, and tools for strengthening governance.
April 24, 2018Key initiatives introduced at banks include customer advocacy programmes, whistleblower protection policies and conduct background checks to stamp out staff with poor behaviour records.
April 20, 2018Government-backed research group proposes rules for identifying investors, preventing money laundering and protecting equity and debt holders.
April 9, 2018APRA review of executive remuneration frameworks at twelve financial institutions found remuneration structures do not encourage behaviour focused on risk management or long-term financial soundness.
April 5, 2018BNM proposals resemble Hong Kong’s MiC regime in setting out key responsibilities and requiring appointment and naming of responsible individuals.
February 25, 2018Australian bankers rail against short deadline for comments on BEAR, which mirrors Hong Kong’s recently introduced MiC.
September 28, 2017Regulator’s chairman says each algorithmic system must have designated individual responsible for design and outcomes, echoing new bank accountability regime.
September 11, 2017