News Centre

Monetary Authority Of Singapore Guidelines For Financial Institutions On Transition Planning For A Net Zero Economy

Date 18/10/2023

The Monetary Authority of Singapore (MAS) today issued a set of consultation papers proposing guidelines on transition planning by banks, insurers and asset managers to enable the global transition to a net zero economy.

Regulatory Update At 33rd Annual Credit Law Conference - Address By Greg Yanco, ASIC Executive Director For Regulation And Supervision, 18 October 2023

Date 18/10/2023

KEY POINTS

• ASIC is sharpening its focus on protecting financially vulnerable consumers, especially those in hardship.
• We will take action – including enforcement action – to ensure compliance with consumer protections and address poor practices and misconduct across the credit sector.
• The DDOs remain critical to promoting responsible lending, and we have expanded our focus to include ‘credit-like’ products. Lenders can also expect closer scrutiny of their target market determinations.

ASIC Releases First Integrated Financial Reporting And Audit Surveillance Report For 12 Months To 30 June 2023

Date 18/10/2023

ASIC has today released findings from its first integrated financial reporting and audit surveillance program. 

Remarks Of CFTC Enforcement Director Ian McGinley At The New York University School Of Law Program On Corporate Compliance And Enforcement: “The Right Touch: Updated Guidance On Penalties, Monitors, And Admissions”

Date 17/10/2023

Thank you for that introduction, Professor Arlen.  It is an honor to make this announcement as part of NYU’s Program on Corporate Compliance and Enforcement, one of the marquee programs in the world on these topics.  I’m also delighted to be back at NYU Law School, my alma mater.  As a student, I frequently attended the incredible events in Lipton Hall, often sitting in the back row.  So, it’s quite a thrill to move from the nosebleeds to the podium.

Statement Of CFTC Commissioner Christy Goldsmith Romero On CFTC Enforcement Division Advisory Regarding Penalties, Monitors And Consultants, And Admissions

Date 17/10/2023

The CFTC has impressive enforcement staff.  I am very proud of them.  The substantial and hard-hitting cases we have brought this year reflect their dedication to protecting customers, investors and markets.  Too often, however, they face limitations based on past cases—past cases that do not always reflect the growing potential for harm given the growth in our markets and in recent volatility.  Past cases don’t reflect that it has now been more than a decade since the implementation of Dodd-Frank Act rules, which is certainly enough time for registered entities to come into compliance.  Past cases also may not reflect recidivism.

CFTC Releases Enforcement Advisory On Penalties, Monitors And Admissions

Date 17/10/2023

The Commodity Futures Trading Commission’s Division of Enforcement today issued an advisory designed to give enforcement staff guidance on future enforcement resolution recommendations to the Commission. In particular, the advisory provides guidance on determining whether proposed civil monetary penalties are sufficient; when the imposition of a corporate compliance monitor or consultant is appropriate; what the duties and responsibilities of monitors and consultants should be; and whether admissions should be recommended in a particular enforcement action.

Joint Readout Of Principals’ Meeting Of U.S. And UK Authorities Regarding Central Counterparty Resolution

Date 17/10/2023

Senior officials from the Securities and Exchange Commission, Federal Deposit Insurance Corporation, Commodity Futures Trading Commission, Federal Reserve Board, and Bank of England convened a hybrid meeting today to discuss certain issues relating to the resolution of a central counterparty (CCP). This meeting was one of a regular series of senior-level meetings held since 2017 to share views on CCP resolution and review the progress of an ongoing program of joint work among the agencies.

ISDA - The Swap, Episode 34: Changing Treasury Market Structure

Date 17/10/2023

The US Securities and Exchange Commission has proposed increased clearing of certain US Treasury securities, but what impact would that have on market structure? Frank La Salla, president and chief executive of DTCC, gives his views.

BIS: CPMI Sets Out Harmonised ISO 20022 Data Requirements For Enhancing Cross-Border Payments

Date 17/10/2023

• CPMI publishes harmonised ISO 20022 data requirements, establishing a consistent minimum set of messaging data for more efficient cross-border payments.
• The data requirements, a key element of the G20 cross-border payments programme, were developed with the private sector Payments Market Practice Group (PMPG).
• Market participants are encouraged to begin aligning in earnest now and by end-2027 at the latest. The benefits of adopting the requirements will increase as uptake widens.

BIS: Basel Committee Consults On Disclosure Of Banks' Cryptoasset Exposures

Date 17/10/2023

• Basel Committee publishes consultation on the disclosure of banks' cryptoasset exposures.
• Follows publication of its final prudential standard on treatment of cryptoassets in December 2022.
• Disclosure users and preparers are requested to comment on the consultation by 31 January 2024.