Asia

Topic: Regulation and compliance

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SFC releases VASP regime consultation conclusions

On 23 May 2023, the Securities and Futures Commission (the SFC) published its much anticipated consultation conclusions (the Consultation Conclusions) on the proposed regulatory requirements for virtual asset (VA) trading platform operators (Platform Operators).  The new licensing regime for Platform Operators under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) will come into effect on … Continue Reading

Singapore toughens laws to combat financial crime and money laundering

On 9 May 2023, the Singapore Parliament passed amendments to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 (CDSA) which will introduce significant new offences of rash and negligent money laundering. Under the current law, the successful prosecution of money mules (i.e., those who assist with the transfer of illicit funds … Continue Reading

Beneficial ownership registers: Regulation Around the World

In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions … Continue Reading

FSB calls for urgent work to address cross-border resolution challenges in the non-bank sector

On 8 December 2022, the Financial Stability Board (FSB) published its 2022 Resolution Report. The report takes stock of progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, financial market infrastructure, and insurance sectors. The report notes that there has been a lot of progress in resolvability in the … Continue Reading

CPMI and IOSCO report ‘Implementation monitoring of the PFMI: level 3 assessment on financial market infrastructures’ cyber resilience’

On 29 November 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published a report, ‘Implementation monitoring of the Principles of financial marketing infrastructures (PFMI): level 3 assessment on financial market infrastructures’ cyber resilience’. In April 2012, the CPMI and IOSCO published the PFMI, which set out … Continue Reading

IOSCO final report ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’

On 30 November 2022, the International Organisation of Securities Commissions published a report, ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’.  The final report highlights the research insights and experiences IOSCO members gained during the COVID-19 pandemic. It explores changes in … Continue Reading

FSB publishes 2022 annual report on promoting global financial stability

On 16 November 2022, the Financial Stability Board (FSB) published its latest annual report on promoting financial stability. The report, delivered to the G20 leaders ahead of their Bali Summit, describes the FSB’s work to promote global financial stability. Among other things the report makes the following findings: The outlook for financial stability is particularly … Continue Reading

FSB final report ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’

On 14 November 2022, the Financial Stability Board (FSB) published ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’. The final report considers exit strategies through the lens of financial stability and the capacity of the financial system to finance strong and equitable growth. Incorporating … Continue Reading

FSB chair writes to G20 leaders ahead of the Bali Summit

On 11 November 2022, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 leaders ahead of their Summit in Bali on 15-16 November. The letter sets forth that developments since the Rome Summit have been a stark reminder that global financial stability should not be taken for granted. So … Continue Reading

Regulation Around the World – Operational resilience

In the latest instalment of our Regulation Around the World series, financial services partners in 15 jurisdictions provide an update on regulatory developments concerning operational resilience. 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 … Continue Reading

FSB publishes survey on experiences with the FSB framework

On 14 September 2022, the Financial Stability Board (FSB) published a survey seeking to gather feedback on experiences with its framework for information from financial market infrastructure (FMI) intermediaries to support resolution planning. The deadline for completing the survey is 9 October 2022. The framework aims to help FMI intermediaries better understand what information clients … Continue Reading

FSI paper on safeguarding operational resilience: the macroprudential perspective

On 26 August 2022, the Financial Stability Institute (FSI) published a paper on safeguarding operational resilience: the macroprudential perspective. The FSI was jointly created in 1998 by the Bank for International Settlements and the Basel Committee on Banking Supervision. Its mandate is to assist supervisors around the world in improving and strengthening their financial systems. … 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

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

FSB Chair’s letter to G20 outlines financial stability issues arising from Russia’s invasion of Ukraine

On 20 April 2022, the Financial Stability Board (FSB) published a letter from its chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 20 April. The letter notes that the Russian invasion of Ukraine triggered large price fluctuations in global financial markets. Thus far, the global financial stability … Continue Reading

FSB welcomes smooth transition from LIBOR

On 5 April 2022, the Financial Stability Board (FSB) issued a statement welcoming the smooth transition away from LIBOR at the end of last year. The FSB also reminds firms that given the significant use of USD LIBOR globally, they should have plans in place to ensure their preparedness for the cessation of the USD … Continue Reading

FSB work programme for 2022

On 31 March 2022, the Financial Stability Board (FSB) published its work programme for 2022. Priority areas for the FSB include: Supporting international cooperation and coordination on current financial stability issues. Against the backdrop of the Russia-Ukraine conflict and its economic impacts, the FSB is reinforcing its forward-looking monitoring to identify, assess and address new … Continue Reading

Further details on measures and guidance regarding Singapore’s unilateral sanctions on Russia in response to its invasion of Ukraine

This post is updated as of 16 March 2022. Introduction On 5 March 2022, the Singapore Ministry of Foreign Affairs (“MFA”) unveiled specific measures to be imposed on Russia in response to its invasion of Ukraine.[1]  This follows the earlier announcement on 28 February 2022 by Minister for Foreign Affairs, Vivian Balakrishnan, that Singapore would … Continue Reading

Russian sanctions – practical guidance for regulated firms

We recently published a blog reporting on governance considerations for regulated firms in relation to Russian sanctions. As the sanctions landscape continues to evolve, impacted firms operating in different jurisdictions are grappling with overlapping and differing requirements, and global firms will need to ensure a coordinated approach across their operations. We have set out below … Continue Reading

FSB Chair outlines work priorities for 2022 to G20 Finance Ministers and Central Bank Governors

On 17 February 2022, the Financial Stability Board (FSB) published a letter from its chair detailing its policy work during 2022. The letter was submitted to G20 Finance Ministers and Central Bank Governors ahead of their 17-18 February meeting. The letter highlights the current challenges of promoting global financial resilience during the transition to a … Continue Reading

IOSCO good practices aim to foster cooperation through global supervisory colleges

On 18 January 2022, the International Organization of Securities Commissions (IOSCO) issued a final report on lessons learned from the use of global supervisory colleges. The report is based on previous IOSCO work on market fragmentation and provides a framework for securities regulators seeking to create new global supervisory colleges for sectors of financial markets … Continue Reading

IOSCO consults on lessons learned from the operational resilience of trading venues and market intermediaries during the pandemic

On 13 January 2022, the International Organization of Securities Commissions (IOSCO) issued a consultation report seeking feedback on the lessons learned regarding the operational resilience of trading venues and market intermediaries during the COVID-19 pandemic. The consultation report concludes that these regulated entities largely proved to be operationally resilient and continued to serve their clients … Continue Reading
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