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HKMA Publishes Corporate Resilience Standards
The Hong Kong Monetary Authority has published operational resilience standards and required implementation measures to manage major risks of remote working.
Hong Kong Banking Fintech Platform to Tie up with PBOC
Hong Kong banks and fintech tech firms will work more closely with Chinese banking regulators in developing trial fintech services following an agreement between the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC).
Singaporean Public Companies to See Greater ESG Disclosure
Public companies in Singapore should be required to provide qualitative information to help investors better understand the company’s ESG reporting information and investors should be informed, leading global investment manager BlackRock has recommended
Rules Come into Effect for Thai and Malay Banks to Set Up in Each Other’s Markets
Thai and Malaysian banking institutions have been invited to indicate their interest to be a Qualified ASEAN Bank (QAB) in Malaysia and Thailand, which would pave the way for their operation in respective markets.
US Regulators Target “DeFi” or Decentralized Finance
The US Securities and Exchange Commission (SEC) would like to intensify its scrutiny of decentralized finance, also known as “DeFi”, as the market for blockchain-based financial services continues to grow.
China’s Big Banks to Tighten Capital Reserves
Chinese banks will be required to increase their capital reserves, reduce their leverage ratio and file group-level recovery plans and disposal plan proposals under changes to banking regulations targeting the systemically important banks.
Singapore and India to Introduce Cross-Border Payments
In line with plans to facilitate cross-border payments within ASEAN, Singapore’s Monetary Authority of Singapore (MAS) and the Reserve Bank of India have announced plans to link Singapore’s PayNow and India’s Unified Payments Interface (UPI) real-time payment systems by July 2022.
Global Standards Body Pushes for Harmonised Cybersecurity Reporting
Cybersecurity incident reporting is too fragmented across jurisdictions and sectors, with the scope of what is reported varying widely, the global financial stability standards body has warned.
Thai Public Companies Advised to Disclose Digital Assets Exposure
Thailand’s Securities and Exchange Commission (SEC) has issued a warning to publicly listed companies over proposed investments in invest digital assets, advising them to consider disclosing information related to digital asset investment to the market
Stablecoins Don’t Need to be Issued by Banks: Federal Reserve Board Head
Stablecoins do not need to subject to full banking regulation and while they carry special risks, market participants apart from banks should be able to issue them, the Federal Reserve Board Governor Christopher Waller has said.
SEC Rule Aims to Place Foreign Company Auditing on Equal Footing
Trading in foreign companies listed in US stock exchanges can be suspended if a foreign country prevents US regulators from inspecting the company’s auditor for three consecutive years, under new rules approved this week.
China re and China Re P&C Issue First Insurance-linked Security
China Reinsurance (Group) Corporation and the China Property & Casualty Reinsurance Company Ltd have issued the first insurance-linked security in the form of a catastrophe bond.
Global Rules for Commodity Derivatives Trading Set for Overhaul
The international securities standards-setting body has proposed to reform international guidelines on the regulation and supervision of the commodity derivatives markets as a result of the emergence of new trading technologies and a growing reliance on electronic trading.
Restrictions on Senior US Federal Reserve Personal Trading After Controversy
Senior US Federal Reserve staff will be prohibited from buying individual securities and will be restricted from investing in diversified investment vehicles such as mutual funds, following an independent review of the trading activity of senior policymakers in recent months.
Hong Kong Takes the Lead in Forging Plans Central Bank Digital Currency
The Hong Kong Monetary Authority (HKMA) has issued an invitation for industry and academic to provide input on a proposed architecture for a retail central bank digital currency
South Korea’s FSC Expands Availability of Fractional Trading
South Korea’s FSC has announced plans to reform its current fractional trading system and make fractional trading of both domestic and foreign stocks available as part of plans to expand the options available to local investors.
Global Banking Standards Body Releases Principles to Mitigate Climate Risk
The global banking standards setting agency has issued a series of principles for the effective management and supervision of climate-related financial risks.
US SEC Moves to Close the Regulatory Gap on Frequency Trading
The US Securities and Exchange Commission (SEC) is moving towards requiring traders involved in high-frequency trading being required to register with the SEC as dealers and subject to supervision as traders in the equities and corporate bond markets.
Congress Should Act “Promptly” to Regulate Stablecoins, Presidential Working Group Urges
A key US presidential working group has recommended legislation that would restrict the issuance of stablecoins in the US to insured banks. Stablecoins, which are virtual assets that are intended to reflect a value relative to a national currency or other assets, have seen rapid adoption in recent years and are used as the basis for trading in decentralized finance, or DeFi, and cryptocurrency trading.
New UK Public Company Listing Rules Expected by End of the Year
The UK Financial Conduct Authority (FCA) aims to finalise new rules for UK company public listings by the end of the year. New rules around dual class share structures, free float quotas and minimum market capitalisation will be introduced following a public consultation on public listing rules that closed last month.