News

Singapore moves forward on benchmark reform

Singaporean regulators have announced a series of measures to push forward the adoption of Sora, the city-state’s new benchmark.

07 August 2020

WhatsApp Pay awaits launch on India’s “world-class” payments system

WhatsApp has received a boost in its quest to launch its payment platform in India after a Supreme Court affidavit filed last week revealed it has complied with data localisation rules, but the Indian central bank is yet to give it the go-ahead.

05 August 2020

UBS loses bid to dismiss Libor collusion claims

An English court has denied UBS’s request to throw out a lawsuit filed by US regulator FDIC, which accuses the bank of colluding with 11 rivals to lowball US dollar Libor.

05 August 2020

FCA eyes gender neutral remuneration policies ahead of CRD V

The UK’s Financial Conduct Authority will require dual-regulated firms to “ensure and demonstrate” gender-neutral remuneration practices as part of CRD V compliance – while the Prudential Regulation Authority announces changes to its group buffer policies under the directive.

04 August 2020

Standard Chartered first to qualify for Singapore’s foreign bank privileges

The Monetary Authority of Singapore has announced reforms to its Significantly Rooted Foreign Bank regime, as it names Standard Chartered’s local subsidiary as the first bank to benefit from the eight-year-old framework.

04 August 2020

Pedersoli advising Intesa on its hostile €4.2 billon UBI takeover

Intesa Sanpaolo, Italy’s second largest bank by assets, has secured the two-thirds majority in shares it needed to push through its €4.2 billion takeover of UBI Banca, in what is Europe’s largest banking merger for a decade.

30 July 2020

Community round-up: Japan FSA hires Basel alumnus; US SEC names emerging risks director

Japan’s Financial Services Authority has appointed a former secretary-general of the Basel Committee on Banking Supervision as its new head, while the US Securities and Exchange Commission has established an emerging risk examination team under newly-appointed associate director Adam Storch.

30 July 2020

EBA announces revamp of Pillar 2 estimation model for MREL

The European Banking Authority has proposed to change how it calibrates banks’ minimum requirement for own funds and eligible liabilities (MREL).

29 July 2020

Australia relaxes, Europe extends, Singapore introduces dividend restrictions

Australian regulators have announced a relaxation on dividend restrictions imposed at the beginning of the covid-19 crisis – while their European counterparts have extended them until next year, and Singaporean regulators have called on banks to cap dividends for the first time.

29 July 2020

EBA invites submissions to re-evaluate banks’ reporting compliance costs

The European Banking Authority has invited banks and regulators to chime in as it prepares to make recommendations on reducing the costs of complying with supervisory reporting obligations.

27 July 2020

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