Asia

Topic: Banking

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Hong Kong: The HKMA introduces a new Resolution Facility for banks

On 26 August 2019, the Hong Kong Monetary Authority (HKMA) announced that it has completed a review of its framework for the provision of Hong Kong dollar liquidity (the Liquidity Facilities Framework) to authorized institutions (AIs) in light of its ongoing work on Hong Kong’s resolution regime.  As part of this, the HKMA has introduced … Continue Reading

Financial services monthly wrap up – June 2019

In June 2019 ASIC released its estimates for the Industry Funding levy for the 2018-19 financial year. Further, ASIC and APRA have formally commenced consultation on product intervention powers and product responsibility under the Banking Executive Accountability Regime respectively. 1 July 2019 also marks the commencement date of a variety of new and updated legislation … Continue Reading

Open Banking around the world | A global comparative guide

The UK continues to be the global pioneer in open banking through the implementation of the EU PSD2 and the CMA open banking initiative. However, through regulatory reforms and/or market-led initiatives, many jurisdictions are now catching up. Working with our colleagues across the globe, we have produced a comparative guide to open banking as part … Continue Reading

Hong Kong: HKMA publishes Open API Framework

The Hong Kong Monetary Authority (HKMA) has recently (18 July 2018) released its final Open API Framework. The formulation of the Open API Framework is one of the seven initiatives announced by the HKMA in September 2017 to facilitate the move into a new era of Smart Banking. The framework sets out a phased approach to … Continue Reading

Norton Rose Fulbright Hong Kong contributes to pioneering ASIFMA report on Best Practices for Digital Asset Exchanges

‘Best Practices for Digital Asset Exchanges’ is a first-of its kind report released by ASIFMA, the region’s leading trade association for the financial industry. The report aims to guide digital exchanges towards international best practices and highlights key areas for consideration, including the listing processes, market abuse issues, regulatory considerations, cybersecurity and engagement with external … Continue Reading

Hong Kong: HKMA publishes a revised guideline on Virtual Banks

Following a public consultation, the Hong Kong Monetary Authority (HKMA) published a revised Guideline on Authorization of Virtual Banks (the Guideline) on 30 May 2018. The Guideline supersedes the previous guideline issued in 2000 (and updated in 2012). Our blog entry dated 4 March 2018 which provides details of the public consultation can be found … Continue Reading

Hong Kong: Recent developments in the HKMA’s new era of smart banking

In September 2017, the Hong Kong Monetary Authority (HKMA) launched seven initiatives aimed at creating a “new era of smart banking”. The HKMA has recently published consultation papers relating to two of these. Firstly, on 11 January 2018, the HKMA launched an industry consultation setting out its planned approach to Open Application Programming Interfaces (Open … Continue Reading

Hong Kong: HKMA guidance on management responsibility at registered institutions

On 16 October 2017, the Hong Kong Monetary Authority (HMKA) issued a circular on management responsibilities for Hong Kong licensed banks which conduct regulated activities (registered institutions). The circular is intended to supplement the existing management prudential regime under the Banking Ordinance framework. Pursuant to the circular, registered institutions are required to notify the HKMA … Continue Reading

Hong Kong: Hong Kong Monetary Authority announces a new era of smart banking

On 29 September 2017, the Hong Kong Monetary Authority (HKMA) announced a range of initiatives aimed at preparing Hong Kong for a new era of smarter banking driven by technological advances. The HKMA press releases were announced on the same day as, and supplement, announcements by the Securities and Futures Commission (SFC) and the Insurance … Continue Reading

Hong Kong: Hong Kong Monetary Authority circular on the Global Code of Conduct Standards and Practices for the Wholesale Foreign Exchange Market

On 28 September 2017, the Hong Kong Monetary Authority (HKMA) issued a circular on the Global Code of Conduct Standards and Practices for the Wholesale Foreign Exchange Market (the FX Global Code). The circular notes that the Hong Kong Treasury Markets Association (TMA) has incorporated the FX Global Code into its Code of Conduct. In … Continue Reading

Hong Kong: Issue of HKMA circular providing certain categories of authorized institutions with guidance on their recovery plan obligations

On 6 July 2017, the Hong Kong Monetary Authority (HKMA) issued a circular in respect of its Supervisory Policy Manual module RE-1 “Recovery Planning” (SPM RE-1).  The circular provides certain categories of authorized banks in Hong Kong (AIs), in particular, overseas incorporated banks with branch operations in Hong Kong and Hong Kong incorporated small scale … Continue Reading

Fintech and Regtech Co-operation Agreement between Hong Kong and the UK

The Hong Kong Securities and Futures Commission (SFC) and the United Kingdom Financial Conduct Authority (FCA) signed a Co-operation Agreement on 12 May 2017 to facilitate innovation in financial services in their respective markets – the latest development in the trend of cross-border collaboration among regulators in the Fintech and Regtech space. Each of the … Continue Reading

Hong Kong: SFC consults on proposed measures to improve cyber security for internet trading of securities in Hong Kong

A two-month consultation on proposed measures to reduce and mitigate cyber security risks associated with internet trading of securities in Hong Kong (the Consultation) was launched on 8 May 2017 by the Securities and Futures Commission (the SFC). The Consultation follows a recent review by the SFC of resilience of brokers in Hong Kong to … Continue Reading

China foreign-invested banks: Circular removes restrictions and clarifies uncertainties

On 10 March, 2017, the China Banking Regulatory Commission (CBRC) issued the Circular of the General Office of CBRC on Matters Concerning the Operation of Certain Businesses by Foreign-invested Banks (the Circular) which took immediate effect. The Circular removed certain restrictions and clarified uncertainties concerning the business operation of foreign-invested banks (FI Banks, which include … Continue Reading

Hong Kong Resolution Regime for Financial Institutions – one step closer to commencement

On 6 April 2017, the Government and financial regulators in Hong Kong, namely the Hong Kong Monetary Authority (HKMA), the Insurance Authority (IA) and the Securities and Futures Commission (SFC), published their conclusion on the public consultation relating to the protected arrangements regulation, bringing the Financial Institutions (Resolution) Ordinance (Chapter 628 of the Laws of … Continue Reading

China financial services regulation: Increased supervision of large-sum and suspicious transactions

The People’s Bank of China has issued amended measures on the reporting of large-sum and suspicious transactions. The amended measures will take effect on 1 July 2017. The amended measures substantially revise the existing regime and impose greater obligations on financial institutions in the reporting of large-sum and suspicious transactions. Under the amended measures, financial … Continue Reading

Singapore outsourcing: New guidelines for Financial Institutions

The Monetary Authority of Singapore has released its new outsourcing guidelines to financial institutions, which apply to existing outsourcings. Financial institutions have until 27 October 2016, to carry out a self-assessment of all existing outsourcing arrangements against the new guidelines. The guidelines also cover the use of cloud services and a revision to the definition … Continue Reading

Hong Kong: Further consultation conclusions on introducing mandatory clearing and expanding mandatory reporting for OTC derivatives market

On 15 July 2016, the Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission published their further conclusions (Further Conclusions) on their consultation paper issued in September 2015 (Consultation Paper) on introducing mandatory clearing and expanding mandatory reporting for the second stage of the over-the-counter derivatives regulatory regime. The consultation conclusions, summarising and addressing … Continue Reading

Hong Kong: Financial Institutions (Resolution) Ordinance

The Financial Institutions (Resolution) Ordinance (the Ordinance) was passed by the Legislative Council on 22 June 2016 and gazetted on 30 June 2016. The Ordinance aims to bring Hong Kong in line with the latest international standards, being the ‘Key Attributes of Effective Resolution Regimes for Financial Institutions’ set by the Financial Stability Board, and … Continue Reading

Monetary Authority of Singapore shuts down BSI Bank, imposes S$13.3 million fine

MAS Takes Action against BSI Bank in Singapore On 24 May 2016, the Monetary Authority of Singapore (MAS) gave BSI Bank Limited (BSI Bank) notice that the MAS will: withdraw BSI Bank’s status as a merchant bank for serious breaches of anti-money laundering requirements, poor management oversight and gross misconduct of bank staff. impose S$13.3 … Continue Reading

Hong Kong Monetary Authority strengthen cybersecurity controls on banks

The Hong Kong Monetary Authority (HKMA) is taking action to tackle cyber security in the banking sector in Hong Kong through the Cybersecurity Fortification Initiative (CFI) – a new comprehensive initiative announced on 18 May, which aims to raise the level of cybersecurity of the banks in Hong Kong. This follows a similar initiative by … Continue Reading

Hong Kong: SFC announces timetable for implementation of Code of Conduct changes

On 21 March 2016, the Securities and Futures Commission (SFC) announced that it would synchronise the implementation of certain changes to the SFC’s Code of Conduct for Persons Licensed by or Registered with the SFC (Code). These changes relate to: new paragraph 15 of the Code, which came into effect on 25 March 2016, and … Continue Reading

Revision of The Singapore Code on Take-overs and Mergers

The revised Singapore Code on Take-overs and Mergers (Code) will come into effect on 25th March 2016. Key changes to the Code include, but are not limited to, the following: 1. Competing Offers (a) Alignment of Offer Timetable for Competing Offers The final day on which an offer can become or be declared unconditional as … Continue Reading

Proposed Amendments to the Securities & Futures (Reporting of Derivatives Contracts) Regulations

The Monetary Authority of Singapore (MAS) has issued a Consultation Paper on proposed amendments to the regulations for the reporting of derivatives contracts (Regulations) on 18 January 2016, as part of the ongoing development of the regulatory regime governing OTC derivatives. MAS also released its proposed implementation schedule for new reporting phases in relation to … Continue Reading
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