Asia

Regulation Tomorrow Plus: EMEA regulatory insights series – 2024 horizon scanning – APAC

In this latest episode of our EMEA regulatory insights series colleagues from Australia, Hong Kong, and Singapore provide their thoughts and insights on what 2024 holds from a financial services regulatory perspective. The podcast can be found here.… Continue Reading

Merry Christmas and a Happy New Year to our readers

To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 9 January 2024 although if there are any significant developments we will endeavour to provide an update.… Continue Reading

FSB revises policy recommendations to address structural vulnerabilities from liquidity mismatch in open-ended funds

On 20 December 2023, the Financial Stability Board issued a report setting out revised policy recommendations to address structural vulnerabilities from asset management activities in relation to liquidity mismatch in open-ended funds. The revised policy recommendations supersede section2 of the FSB’s 2017 policy recommendations to address structural vulnerabilities from asset management activities. The revised recommendations … Continue Reading

IOSCO final report with policy recommendations for decentralised finance

By Simon Lovegrove (UK) on December 20, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

On 19 December 2023, the International Organization of Securities Commissions (IOSCO) published a final report with policy recommendations to address market integrity and investor protection issues in decentralised finance (DeFi). The policy recommendations, which are principles-based and outcomes-focused, are addressed to relevant authorities and complement IOSCO’s policy recommendations for crypto and digital assets markets issued … Continue Reading

IOSCO statement on online harm

On 15 December 2023, the International Organization of Securities Commissions (IOSCO) issued a statement on the risk of online harm to retail investors from investment scams and frauds. IOSCO has issued the statement noting that with growing online retail investor participation there has been a rise of ‘bad actors’ using sophisticated and fraudulent tactics to … Continue Reading

Global Asset Management Review – Issue 1

Our global funds and financial services and regulation teams have recently created a new publication called Global Asset Management Review which comprises of a series of articles from colleagues around the world designed to help clients and contacts keep up-to-date with key trends in the asset management industry. Click here to view it.… Continue Reading

FSB outlines work to further increase the resolvability of banks, central counterparties and insurers

On 15 December 2023, the Financial Stability Board (FSB) issued a 2023 Resolution Report. The 2023 Resolution Report is the FSB’s twelfth report on the implementation of resolution reforms and takes stock of the progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, central counterparty, and insurance sectors. It … Continue Reading

IOSCO consultation report on market outages

On 14 December 2023, the International Organization of Securities Commissions (IOSCO) issued a consultation report on market outages. Market outages occur when a technical problem or an operational issue causes a disruption of trading output or the orderly trading of a trading venue, leading to the suspension of trading. Market outages can be highly disruptive. … Continue Reading

Basel Committee consults on targeted adjustments to tighten its standard on banks’ exposures to cryptoassets

On 14 December 2023, the Basel Committee on Banking Supervision (Basel Committee) issued a consultative document setting out proposed amendments to its standard on banks’ exposures to cryptoassets. In December 2022, the Basel Committee published its standard on the prudential treatment of banks’ exposures to cryptoassets. The standard is set out in a new chapter … Continue Reading

Basel Committee consults on targeted adjustments to its standard on interest rate risk in the banking book

On 12 December 2023, the Basel Committee on Banking Supervision (Basel Committee) published a consultation on targeted adjustment to its standard on interest rate risk in the banking book (IRRBB). The IRRBB standard requires banks to calculate measures of interest rate risk for their banking book exposures. These measures are based on a specified set … Continue Reading

Basel Committee agrees to consult on targeted revisions to standards on cryptoasset and interest rate risk in the banking book and to take steps to address window-dressing in relation to the G-SIB framework

By Simon Lovegrove (UK) on December 8, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 7 December 2023, the Basel Committee on Banking Supervision (Basel Committee) published a press release following the outcome of a meeting held virtually on 5 and 7 December 2023. The headlines from the press release are that the Basel Committee:… Continue Reading

D&I jurisdiction summary

In recent years, diversity and inclusion (D&I) in the financial services sector has become a focus for regulators around the world. Individual regulators, however, have taken different approaches to D&I to reflect the local socio-economic environment. Below, we provide a high-level summary of the position across a number of key jurisdictions. Jurisdiction Summary of regulatory … Continue Reading

Basel Committee consultative document – Disclosure of climate-related financial risks

By Simon Lovegrove (UK) on November 29, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 29 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a consultative document – Disclosure of climate-related financial risks. The Basel Committee is analysing how a Pillar 3 disclosure framework for climate-related financial risks would further its mandate to strengthen the regulation, supervision, and practices of banks worldwide with the purpose of … Continue Reading

Basel Committee report on implementing Principles for effective risk data aggregation and reporting shows progress made but significant work remains

On 28 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a report on the progress that 31 global systemically important banks have made in implementing the Basel Committee’s Principles for effective risk data aggregation and reporting (the Principles). Of the 31 banks assessed, only two banks are fully compliant with all the … Continue Reading

FSB assesses risks of multi-function crypto-asset intermediaries

By Simon Lovegrove (UK) on November 28, 2023 Posted in Asia, Canada, Crypto assets, Crypto assets, Crypto assets, Crypto assets, Crypto assets, Crypto assets, Cryptocurrency, France, Germany, Italy, The Netherlands, United Kingdom

On 28 November 2023, the Financial Stability Board (FSB) published a report on the financial stability implications of multifunction crypto-asset intermediaries (MCIs). The report defines MCIs as individual firms, or groups of affiliated firms, that combine a broad range of crypto-asset services, products and functions typically centred around the operation of a trading platform. The … Continue Reading

2023 list of global systemically important banks

On 27 November 2023, the Financial Stability Board (FSB) published the 2023 list of global systemically important banks (G-SIBs). FSB member authorities apply the following to G-SIBs: high capital buffer, total loss-absorbing capacity, group wide resolution planning and regular resolvability assessments and higher supervisory expectations including for risk management functions. The new list of G-SIBs … Continue Reading

Basel Committee publishes more details on global systemically important banks

On 27 November 2023, the Basel Committee on Banking Supervision published material related to the identification of the 2023 global systemically important banks (G-SIB), including updated denominators used to calculate banks’ scores, the thresholds used to allocate the banks to buckets and the values of the 13 high-level indicators of all banks in the main … Continue Reading

Basel Committee supervisory newsletter on the adoption of POR and PSMOR

On 27 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a supervisory newsletter on the adoption of the Principles for Operational Resilience (POR) and the revised Principles for the Sound Management of Operational Risk (PSMOR). The newsletter reports on the Basel Committee’s evaluation of the POR and the PSMOR in early 2023 … Continue Reading

New Regulation Tomorrow Plus podcast: EMEA regulatory insights series – Australia

In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this third episode James Morris from our Sydney office discuss what they are seeing in the Australian market touching on reforms to payment systems regulation, buy now pay … Continue Reading

Basel Committee newsletter on the implementation of the principles for the effective management and supervision of climate-related financial risks

On 22 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a newsletter on the implementation of the Principles for the effective management and supervision of climate-related financial risks (the Principles). The Basel Committee published the Principles, which seek to improve banks’ climate-related financial risk management and supervisors’ practices, as part of its … Continue Reading

FATF updates best practices on combating the abuse of NPOs

On 16 November 2023, the Financial Action Task Force (FATF) updated its best practices on combating the abuse of non-profit organisations (NPOs). The update follows the revisions that the FATF made earlier this year to Recommendation 8 that aim to protect NPOs from potential terrorist financing abuse through the effective implementation of risk-based measures. For … Continue Reading

Basel Committee discussion paper – Digital fraud and banking: supervisory and financial stability implications

By Simon Lovegrove (UK) on November 15, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

On 15 November 2023, the Basel Committee on Banking Supervision issued a discussion paper which provides a high-level assessment of the supervisory and financial stability implications of digital fraud for the global banking system. It is structured around three broad sets of questions: The discussion paper does not make a formal distinction between retail and … Continue Reading

Hong Kong Fintech Week 2023 – Round-up of policy and regulatory developments

By Etelka Bogardi (HK) and Conrad Lam on November 11, 2023 Posted in Asia, Compliance, Crypto assets, Financial Services, Financial Services, Fintech, Regulation and compliance, Securities

Key takeaways from Hong Kong Fintech Week Hong Kong Fintech Week 2023 saw several new policy and regulatory announcements by the Financial Services and the Treasury Bureau (the FSTB), the Securities and Futures Commission (the SFC) and the Hong Kong Monetary Authority (the HKMA). The key developments are summarised below: SFC guidance on engaging in … Continue Reading

Basel Committee finalisation of various technical amendments

On 8 November 2023, the Basel Committee on Banking Supervision (Basel Committee) published a document containing final technical amendments which have been integrated into the consolidated Basel Framework. The amendments relate to: (i) the standardised approach to operational risk; (ii) the disclosure standards for credit valuation adjustment risk; (iii) the description of the calculation of … Continue Reading