Asia

Topic: Coronavirus

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Insurance Authority extends Phase 2 of temporary facilitative measures implemented in light of COVID-19

Further to the introduction of the Phase 2 temporary facilitative measures (TFMs) on 27 March 2020, the Insurance Authority (IA) has released a circular announcing that Phase 2 of the TFMs will be extended by three months in view of the COVID-19 pandemic. The Phase 2 TFMs (amongst other things) permit insurers and intermediaries to … Continue Reading

SFC defers introduction of initial margin requirements for non-centrally cleared OTC derivatives in light of COVID-19

The Securities and Futures Commission (SFC) has announced that the introduction of the initial margin (IM) requirements for non-centrally cleared OTC derivative transactions, initially scheduled to be phased-in from 1 September 2020, will be deferred by one year. To read our previous blog post on the SFC’s consultation conclusions on margin requirements for non-centrally cleared … Continue Reading

SFC provides guidance on managing cybersecurity risks associated with remote working

The Securities and Futures Commission (the SFC) has issued a circular to provide guidance to licensed corporations (LCs) on managing cybersecurity risks associated with remote working arrangements. The circular sets out some examples of controls and procedures that LCs can implement to protect their internal networks and data under remote working arrangements. The SFC expects … Continue Reading

HKMA launches temporary US dollar liquidity facility

The Hong Kong Monetary Authority (HKMA) has launched a temporary liquidity facility under which US$10 billion will be made available (the Facility) to assist licensed banks with US dollar liquidity.  The Facility will comprise of funds obtained through the US Federal Reserve’s FIMA Repo Facility (see our previous blog post here). US dollar liquidity will … Continue Reading

FCA information for firms on Coronavirus (Covid-19) response

On 17 March 2020, the FCA published a new webpage containing information for firms regarding the COVID 19 outbreak. Key points include: the FCA is in regular contact with firms to assess their current position, and expects firms to be taking reasonable steps to ensure they are prepared to meet the challenges coronavirus could pose … Continue Reading
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