Asia

Topic: Clearing and settlement

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ISDA paper on COVID-19 and CCP risk management frameworks

On 8 January 2021, the ISDA published a paper on COVID-19 and CCP risk management frameworks. The paper is based on the feedback that the ISDA Clearing Member Committee received from central counterparties (CCPs) and how their risk management frameworks reacted to the pandemic. The ISDA found that CCPs have dealt with the pandemic well … Continue Reading

FSB paper – Continuity of access to FMIs for firms in resolution: Informal summary of outreach and Q&A

On 9 December 2020, the Financial Stability Board (FSB) issued a paper setting out the answers to questions raised at a virtual outreach meeting which sought to provide stakeholders with further information concerning the questionnaire that was published in August for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in … Continue Reading

OTC Derivatives Market Reforms – 2020 Note on Implementation Progress

On 3 December 2020, the Financial Stability Board (FSB) published a note regarding the progress made in implementing the over-the-counter (OTC) derivatives market reforms. The key message in the note is that overall implementation of the G20’s OTC derivatives reforms is well advanced, but there has been limited progress since October 2019 across Financial Stability … Continue Reading

FSB releases guidance on CCP financial resources for resolution and announces further work

On 16 November 2020, the Financial Stability Board (FSB) published final guidance on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution. Ensuring the availability of adequate resources and tools for CCP resolution and understanding the potential for certain resources and tools to have an adverse effect … Continue Reading

FSB questionnaire on continuity of access to FMIs for firms in resolution

On 14 August 2020, the Financial Stability Board (FSB) published a common template for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in resolution. The template takes the form of a questionnaire that all FMIs are encouraged to complete. The questionnaire covers: general information on the FMI and its legal … Continue Reading

ISDA board statement on adherence to the IBOR Fallback Protocol

On 29 July 2020, the ISDA issued a statement on adherence to the IBOR Fallback Protocol. Among other things the statement provides: “As part of its work, ISDA will soon publish the IBOR Fallback Protocol to facilitate inclusion of the new fallbacks in existing non-cleared IBOR derivatives transactions between counterparties that both adhere to the … Continue Reading

SFC publishes consultation conclusions on the proposed refinements to the scope of regulated activities and competence requirements under the OTC derivatives licensing regime

The Securities and Futures Commission (SFC) has published its consultation conclusions on the proposed refinements to the scope of regulated activities and competence requirements relating to the over-the-counter (OTC) derivatives licensing regime (the Consultation Conclusions) contained in its consultation paper dated 20 December 2017 (the Consultation Paper), following feedback from industry associations, market participants, professional … 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

Monetary Authority of Singapore (MAS) releases Consultation Paper on Proposed Regulations for Mandatory Clearing of Over-the-Counter (OTC) Derivative Contracts

MAS has issued a consultation paper on proposed regulations for mandatory clearing of OTC derivative contracts (Regulations) on 1 July 2015, as part of the ongoing development of the regulatory regime governing OTC derivatives. MAS proposes to issue the Regulations by the end of 2015, and has indicated that it will provide at least six … Continue Reading

Learning & Development training programme – open to our clients in Hong Kong

Our Hong Kong office has released a Learning & Development calendar for March – September 2015. Clients are invited to join a range of legal and personal development and business skills sessions. We are holding a session in June on Corporate governance in financial institutions.… Continue Reading
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