All posts tagged "suitability"
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296Australia & NZNew Responsible Lending Laws Take Effect in New Zealand
The new law requires lenders to act responsibly at all times. They can be forced to refund interest, fees and damages for failing to do so.
December 1, 2021 -
196AML / KYCMAS Proposes to Ease Retail Investor Access to Funds
Under the changes, only a small group of more complex CIS would continue to be considered complex products and subject to additional disclosure requirements.
November 4, 2021 -
295FeatureHKMA, SFC Outline Expectations on Sale of ILS Products
The circular follows the $30mn issuance of Hong Kong's first catastrophe bond by Greater Bay Re, a state-sponsored special purpose vehicle.
October 12, 2021 -
162Australia & NZNew Zealand FMA Censures Derivatives Issuer FIRMA NZ
Firma NZ failed to conduct product suitability tests for clients and to regularly provide statements to investors. The contraventions were "persistent and systemic".
October 12, 2021 -
146Australia & NZ
NZ FMA Finds “Poor Value” in Credit Card Repayment Insurance
Underwriters and distributors are directed to ensure their systems, processes and controls facilitate good customer outcomes.
September 24, 2021 -
227Hong KongHKMA Finds Gaps in How Banks Sell Tax Deductible Products
Some banks did not ensure the products were suitable, or did not explain product features and risks to customers.
September 16, 2021 -
479Big PictureOECD Offers Policy Advice for Regulating AI in Financial Services
Among the recommendations are the introduction of suitability requirements for AI-driven financial services, and add-on capital buffers based on AI algorithms.
August 17, 2021 -
231EnforcementSFC Suspends GEO Securities Executive for 7.2 Months
GEO's breaches were attributable to Lun Sheung Nim's failure to discharge his duties as a responsible officer and member of the senior management.
June 11, 2021 -
234KoreaFSC Korea Issues Guidance on Investment Suitability Tests
The guidance sets out how investor suitability and appropriateness tests should be carried out during the sales process.
June 4, 2021 -
398EnforcementHKEX Finalises Rule Changes to Enhance Market Quality
HKEX will increase the profit requirement to HKD 80 million in combined profits over the three years. Proposals to enhance its disciplinary powers and sanctions will also be adopted.
May 21, 2021
