Asia

CPMI / IOSCO discussion paper on CCP practices to address non default-losses

Introduction On 4 August 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a discussion paper on central counterparty (CCP) practices to address non default-losses (NDLs). Non default events can threaten a CCP’s viability as a going concern and its ability to continue providing critical services. … Continue Reading

Partnering in the Fight Against Financial Crime: Data Protection, Technology and Private Sector Information Sharing

On 20 July 2022, the Financial Action Task Force (FATF) issued a report intended to help jurisdictions enhance, design and implement information collaboration initiatives among private sector entities in accordance with data protection and privacy (DPP) rules so that the risks associated with increased sharing of personal data are appropriately taken into account. The report … Continue Reading

Progress Report on FSB Roadmap for Addressing Financial Risks from Climate Change

On 14 July 2022, the Financial Stability Board (FSB) published its first report taking stock on the progress made by standard setting bodies and other international organisations on action taken on the Roadmap for Addressing Financial Risks from Climate Change. The Roadmap, which was published in July 2021, sets out a comprehensive and coordinated plan … Continue Reading

IOSCO recommendations related to the use of innovation facilitators

On 14 July 2022, the International Organization of Securities Commissions (IOSCO) issued a report on the use of innovation facilitators in growth and emerging markets. The report covers three types of innovation facilitators (IFs): innovation hubs, regulatory sandboxes, and regulatory accelerators. Chapter 1 of the report covers definitions and the risks and opportunities posed by … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought them … Continue Reading

CPMI and IOSCO final report on the application of the PFMIs to stablecoin arrangements

On 13 July 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report containing final guidance on the application of the Principles for Financial Market Infrastructures (PFMIs) to stablecoin arrangements (SAs) that are considered systemically important financial market infrastructures (FMIs), including the entities integral to … Continue Reading

FSB publish letter to G20 Finance Ministers and Central Bank Governors on the current outlook for financial stability

On 13 July 2022, the Financial Stability Board (FSB) published a letter to G20 Finance Ministers and Central Bank Governors regarding the current outlook for financial stability ahead of their meeting on 15-16 July. The letter warns that the combination of lower growth, rising inflation and tighter global financial conditions may crystallise pre-existing vulnerabilities in … Continue Reading

FSB interim report – Exit strategies to support equitable recovery and address effects from COVID-19 scarring in the financial sector

On 13 July 2022, the Financial Stability Board (FSB) published an interim report on exit strategies to support equitable recovery and address effects from COVID-19 and Russia’s invasion of Ukraine on the financial sector and how the FSB will address these issues going forward. It considers exit strategies in relation to financial stability and the … Continue Reading

IOSCO final report on operational resilience of trading venues and market intermediaries during the COVID-19 pandemic & lessons for future disruptions

On 11 July 2022, the International Organization of Securities Commissions (IOSCO) published a final report on the operational resilience of trading venues and market intermediaries during the COVID-19 pandemic & lessons for future disruptions. In the report IOSCO summarizes some of the existing operational resilience work by IOSCO and other international organizations and outlines how … Continue Reading

FSB statement on international regulation and supervision of crypto-asset activities

On 11 July 2022, the Financial Stability Board (FSB) published a statement on international regulation and supervision of crypto-asset activities. Key points from the statement include: Crypto-assets and markets must be subject to effective regulation and oversight commensurate to the risks they pose, both at domestic and international level. Crypto-asset service providers must at all … Continue Reading

FSB report on options to improve adoption of the LEI

On 7 July 2022, the Financial Stability Board (FSB) published a report exploring options to improve the adoption of the Legal Entity Identifier (LEI), in particular for use in cross-border payments. The report explores benefits that could accrue from the use of the LEI in cross-border payment systems and, in close coordination with the Global … Continue Reading

BIS report to G20 on interlinking payment systems and the role of application programming interfaces

On 8 July 2022, the Bank for International Settlements published a report to the G20 that aims to help payment system operators and authorities understand and evaluate the benefits, challenges and risks of interlinking arrangements. In doing so, it also provides an overview of important trends in interlinking arrangements and application programming interface (API) adoption … Continue Reading

IOSCO Crypto-Asset Roadmap for 2022-2023

On 7 July 2022, the International Organization of Securities Commissions (IOSCO) issued its Crypto-Asset Roadmap for 2022-2023. The Roadmap sets out IOSCO’s policy agenda and work program for the crypto-asset sector over the next 12 to 24 months. Earlier this year IOSCO established a board-level fintech taskforce (FTF) which was mandated to develop, oversee, deliver … Continue Reading

FSB interim report on developing the implementation approach for the cross-border payments targets

On 7 July 2022, the Financial Stability Board (FSB) published an interim report on the approach for monitoring progress toward meeting the targets for the G20 Roadmap for Enhancing Cross-border Payments. The report provides preliminary recommendations about key performance indicators (KPIs) that could be used to monitor progress over time, and identifies existing and potential … Continue Reading

Basel Committee issues high-level considerations on proportionality

On 7 July 2022, the Basel Committee on Banking Supervision (Basel Committee) issued high-level considerations on proportionality that are intended to provide practical support to supervisory authorities seeking to implement proportionality into their domestic regulatory and supervisory frameworks. The high-level considerations seek to support the decision-making process of proportionality in a broad variety of jurisdictions, … Continue Reading

Basel Committee second consultation on the prudential treatment of banks’ cryptoasset exposures

On 30 June 2022, the Basel Committee on Banking Supervision (Basel Committee) issued its second public consultation paper on the prudential treatment of banks’ cryptoasset exposures. In the second consultation paper the Basel Committee continues with the basic structure outlined in its first consultation by dividing cryptoassets into two broad groups: Group 1 includes those … Continue Reading

FATF targeted update on implementation of standards on VAs and VASPs

On 30 June 2022, the Financial Action Task Force (FATF) issued a targeted update concerning the implementation of its Standards on virtual assets (VAs) and virtual asset service providers (VASPs), with a focus on FATF’s Travel Rule. The FATF has found that many countries need to strengthen understanding of money laundering / terrorist financing risks … Continue Reading

Coming soon – The new Hong Kong VASP licensing regime

Introduction In May 2021, following a 3 month consultation, the Financial Services and the Treasury Bureau (FSTB) issued its consultation conclusions for a new licensing regime for virtual assets services providers (VASPs) in Hong Kong. Recently, further steps were taken to make the new licensing regime for VASPs a reality with the Hong Kong Government … Continue Reading

Webinar | The Buy Now Pay Later global landscape and latest trends | Wednesday 6th July @8.30am and 3pm BST

Join our global Financial services regulation team to hear about the developing regulatory approaches and trends in the BNPL sector across the world. Register here  … Continue Reading

Anti-money laundering: Regulation Around the World

In the latest instalment of our Regulation Around the World series, financial services partners in 13 jurisdictions provide an update on anti-money laundering developments. Our global updater is accompanied by further analysis and insights in our Regulation Around the World podcast which is available now to stream and download. The podcast features speakers from the … Continue Reading

Outcomes FATF Plenary, 14-17 June 2022

On 17 June 2022, the Financial Action Task Force (FATF) published the outcomes of its plenary on 14 to 17 June 2022. Delegates from over 200 jurisdictions participated in the plenary and the FATF expressed its deepest sympathies for the people of Ukraine, and as a result of Russia’s invasion, the FATF agreed to severely … Continue Reading

Basel Committee issues principles for the effective management and supervision of climate-related financial risks

On 15 June 2022, the Basel Committee on Banking Supervision (Basel Committee) issued principles for the effective management and supervision of climate-related financial risks. The 18 principles are intended to promote a principles-based approach to improving both banks’ risk management and supervisors’ practices related to climate-related financial risks. They cover corporate governance, internal controls, risk … Continue Reading

Basel Committee finalises principals on climate-related financial risks and progresses work on specifying crypto-assets’ prudential treatment

On 27 May 2022, the Basel Committee met and approved a finalised set of principles for the effective management and supervision of climate-related financial risks. The Committee also progressed work on specifying crypto-asset prudential treatment and issuing a second consultation paper. Additionally, the Committee finalised the review of the treatment of cross-border exposures within the … Continue Reading

Global financial services webinar – Crypto fund and buy-side developments

Tuesday, 7 June, 2022 08:00 – 09:00 BST / 11:00 – 12:00 GST / 15:00 – 16:00 HKT 11:00 – 12:00 EDT / 16:00 – 17:00 BST / 19:00 – 20:00 GST In this webinar, members of our global financial services team will compare notes on their jurisdiction’s approach to crypto funds. The speakers will … Continue Reading
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