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ASIC

ASIC Releases Guidance on the Administration of Its Product Intervention Power

Following consultation, ASIC has released a new regulatory guide on the administration of its product intervention power (RG 272). ASIC Deputy Chair Karen Chester said, ‘The product intervention power is an incredibly important addition to…

MAS

14 Digital Bank Applicants Eligible for Next Stage of Assessment

Singapore, 18 June 2020… The Monetary Authority of Singapore (MAS) announced today that 14 of the 21 digital bank applications have met the eligibility criteria required for the application to be considered. These eligible applicants,…

FCA

FCA Fines Commerzbank London £37,805,400 Over Anti-money Laundering Failures

The FCA has today fined Commerzbank AG (London Branch) £37,805,400 for failing to put adequate anti-money laundering (AML) systems and controls in place between October 2012 and September 2017. Commerzbank London was aware of these…

Riksbank, Monetary Policy, Loans, test period, pandemic, real-time, fixed-income market, redeem

Riksbank: The functioning of the fixed-income market has deteriorated due to the coronavirus pandemic

The functioning of the Swedish fixed-income market is considered to have deteriorated, compared with last autumn, due to the coronavirus pandemic. This is revealed by the Riksbank's Financial markets survey, which was carried out in…

Bank-of-Russia, market-making, restrictions, information, securities, economic activity, FPS, reputation, recommendations

Bank of Russia recommends how to properly register securities issues

The Bank of Russia has updated its recommendations for issuers to avoid typical errors in securities issue registration. The amended recommendations will help issuers comply with the new law on simplifying the securities issue procedure and the revised securities issue standards. The document prepared by the regulator provides answers to frequently asked questions, specifically about…

BankofCanada, Canadians, cash, target, operations, schedule

Bank of Canada: Opening Statement before the House of Commons Standing Committee on Finance

Introduction Good afternoon, Chair and committee members. It is an honour for me to appear before you as the 10th Governor of the Bank of Canada. I look forward to working with parliamentarians over the…

economy, COVID, eligible, policy, model, jobs, FSB, extensions

FED: U.S. Economic Outlook and Monetary Policy (via prerecorded video)

It is my pleasure to meet virtually this evening with the members and invited guests of the Foreign Policy Association (FPA).1 I am truly honored to receive the Foreign Policy Association Medal. Past honorees have included…

Bank-of-Russia, market-making, restrictions, information, securities, economic activity, FPS, reputation, recommendations

Bank of Russia to supply information service for banks to find out client risk assessment

The centralised information service Know Your Customer (KYC) will be based on the Bank of Russia’s resources. The regulator is already developing the platform and preparing relevant amendments to the laws needed for its implementation. This platform will classify banks’ customers by risk zone based on objective criteria as regards potential…

FMA Featured

FMA Opens Consultation on Standard Conditions for Full Licensing for Financial Advice

The Financial Markets Authority (FMA) has opened consultation on the proposed full licence standard conditions for Financial Advice Providers, as part of the new financial advice regime. The FMA is considering eight standard conditions for full…

MAS

Safe Transition to Phase Two of the Re-opening for the Financial Sector

Singapore, 15 June 2020…Financial institutions (FIs) in Singapore that re-open more branches and customer service locations, and resume more in-person financial services from 2359 hours on 18 June 2020, must ensure that Safe Management measures…