Asia

Topic: Regulation and compliance

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G20 communiqué – third Finance Ministers and Central Bank Governors meeting

On 10 July 2021, the G20 published a communiqué following the third Finance Ministers and Central Bank Governors meeting in Venice. Among other things the communiqué: Reiterates the commitment to a timely and effective implementation of the G20 Roadmap to enhance cross-border payments by relevant authorities. In particular, it looks forward to the Financial Stability … Continue Reading

FSB publishes three climate-related reports

On 7 July 2021, the Financial Stability Board (FSB) published a letter from its Chair, Randal K. Quarles, to G20 Finance Ministers and Central Bank Governors ahead of their 9 – 10 July 2021 meeting. Among other things the letter stresses the need for coordinated action to address financial risks posed by climate change, noting … Continue Reading

MAS Consultation – Proposed amendments to impose requirements on financial institutions conducting unregulated business

The Monetary Authority of Singapore (MAS) issued a consultation paper on 2 July 2021 seeking views on various proposals, including to introduce powers to enable the MAS to impose requirements on certain financial institutions conducting unregulated business. The MAS recognises that some of its regulated entities may be carrying on unregulated activities (e.g. trading bitcoin … Continue Reading

Hong Kong implements uncertificated securities market regime and refines OTC derivative licensing regime

Uncertificated securities market regime On 11 June 2021, the Hong Kong Government gazetted the Securities and Futures and Companies Legislation (Amendment) Ordinance 2021 (SFCA Ordinance), marking a significant milestone in moving Hong Kong towards an uncertificated securities market (USM) where investors will have the option of holding securities in their own names and without paper … Continue Reading

Outsourcing and third-party risk – Overview of responses to FSB public consultation

On 14 June 2021, the Financial Stability Board (FSB) published a note which summarises the main issues raised by respondents to its discussion paper on regulatory and supervisory issues relating to outsourcing and third party relationships. In the FSB discussion paper financial institutions and third parties were invited to provide comments on: The key challenges … Continue Reading

NGFS publishes the second vintage of climate scenarios for forward looking climate risks assessment

On 7 June 2021, the Network for Greening the Financial System (NGFS) announced the following new documents: A new set of climate scenarios. In this second vintage, the NGFS scenarios have been brought up to date, including by incorporating countries’ commitments to reach net-zero emissions. They have also been enriched with an expanded set of … Continue Reading

TCFD public consultation

On 7 June 2021, the Task Force on Climate-Related Financial Disclosures (TCFD) issued two documents for public comment: Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans. When the TCFD issued its Final Recommendations in 2017, it was aware of the limitations of reporting certain metrics as well as the nascency of climate-related reporting at … Continue Reading

Insurance Authority takes first disciplinary actions against licensed insurance brokers

The Insurance Authority (IA) has taken its first disciplinary actions against two licensed insurance broker companies for failure to submit their audited financial statements and auditor’s reports within required timeframes.  One of the broker companies has had its licence suspended, and both companies have been fined.  The enforcement actions are the first of its kind … Continue Reading

Hong Kong: HKMA releases plans for Phases III and IV of Open API Framework

On 13 May 2021, the Hong Kong Monetary Authority (HKMA) released its implementation plan for Phases III and IV of the Open API Framework (click here to read our previous blog on the launch of the Open API Framework in July 2018).  The initial batch of API functions for Phases III and IV, covering deposit … Continue Reading

Hong Kong: Consultation conclusions on licensing regime for virtual assets services providers

Following a 3-month consultation on the proposal to introduce a licensing regime for virtual assets services providers (VASPs) in Hong Kong under the amended Anti-Money Laundering and Counter-Terrorist Financing Ordinance (the AMLO) (see our previous blog here), the Financial Services and the Treasury Bureau (FSTB) has now issued its consultation conclusions in a paper published … Continue Reading

Global Asset Management Quarterly – new issue

The latest issue of our Global Asset Management Quarterly publication is now available. In this issue we cover: Europe European update EU/UK regulatory roundup United Kingdom Asset managers and the Task Force for Climate-related Financial Disclosures UK funds regime review Germany German Draft Fund Jurisdiction Promotion Act Australia Greenwashing: International initiatives taken to address the … Continue Reading

G20 – Communique of 2nd Finance Ministers and Central Bank Governors Meeting

On 7 April 2021, there was published an official communique following the second meeting of G20 Finance Ministers and Central Bank Governors under the Italian G20 Presidency. During the meeting the discussion spanned from issues covering the global economy, efforts to push forward the economic recovery and promoting more sustainable growth, to supporting the most … Continue Reading

Financier Worldwide Magazine feature – Regulatory futures: challenges and opportunities in 2021

Throughout 2020 and 2021, financial services firms have had to respond and adapt to a number of regulatory challenges in an unprecedented fashion. Firms now have to navigate a diverging regulatory landscape as a result of Brexit, at the same time as continuing to respond to an array of pandemic-related risks that have arisen. Nevertheless, … Continue Reading

FSB final report – evaluation of the effects of too-big-to-fail reforms

On 31 March 2021, the Financial Stability Board (FSB) published the final report on its evaluation of the effects of too-big-to-fail (TBTF) reforms for systemically important banks (SIBs). The evaluation examines the extent to which the reforms have reduced the systemic and moral hazard risks associated with SIBs, as well as their broader effects on … Continue Reading

Basel Committee issues principles for operational resilience and risk

On 31 March 2021, the Basel Committee on Banking Supervision issued Principles for operational resilience, designed to make banks better able to withstand, adapt to and recover from severe adverse events. The Basel Committee has also issued revisions to its Principles for the sound management of operational risks reflecting the natural relationship between operational resilience … Continue Reading

IIFM White Paper – Global Benchmark Rate Reforms and Implications of IBOR Transition for Islamic Finance

On 22 March 2021, the International Islamic Financial Market (IIFM) issued a White Paper ‘Global Benchmark Rate Reforms and Implications of IBOR Transition for Islamic Finance’. The White Paper is based on contributions from leading financial institutions, accounting firms, law firms (including Norton Rose Fulbright) and other market participants. Its purpose is to create awareness … Continue Reading

IOSCO final report on complaint handling and redress system for retail investors

On 27 January 2021, the International Organisation of Securities Commissions (IOSCO) issued a report, Complaint Handling and Redress System for Retail Investors, which provides a comparative analysis of informal complaint handling processes used by financial services providers and regulators, alternative dispute resolution and formal legal complaint handling for investors pursuing claims for money damages and … 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 on the UK page following the festive period on 4 January 2021 although if there are any significant developments we will endeavour to provide an … Continue Reading

FSB global report on non-bank financial intermediation

On 16 December 2020, the Financial Stability Board published its latest global monitoring report on non-bank financial intermediation. The report presents the results of the annual FSB monitoring exercise to assess global trends and risks in non-bank financial intermediation (NBFI), covering 29 jurisdictions that account for 80% of global GDP. The annual monitoring exercise focuses … Continue Reading

US Federal Reserve joins NGFS and two new publications released

On 15 December 2020, the Network for Greening the Financial System (NGFS) announced the following new members: US Federal Reserve System, Central Bank of Paraguay, Financial Regulatory Authority of Egypt, Financial Services Authority of Indonesia, Central Bank of Iceland, Polish Financial Supervision Authority, Central Bank of Uruguay and the European Securities and Markets Authority. The … Continue Reading

IOSCO consultation on market data in the secondary equity markets

On 3 December 2020, the International Organisation of Securities Commissions (IOSCO) issued a consultation report on market data in the secondary equity markets. The consultation report describes several issues relating to market data in equity markets and asks for industry views on both the issues and possible solutions. These issues include: What market data is … Continue Reading

Global comparative guide – Senior management responsibility in financial services

We have updated our cross border comparative guide on individual accountability which is located on the NRF Institute. The comparative guide, Senior management responsibility in financial services, allows clients to better understand how senior management responsibility in different types of financial services firm other than insurers is being treated in different jurisdictions around the world. … Continue Reading

Leaders’ Declaration – G20 Riyadh Summit

On 22 November 2020, the G20 leaders issued a declaration following their summit in Riyadh on 21 – 22 November 2020. Paragraphs 16 to 18 of the declaration cover financial sector issues. Key points include: The pandemic has reaffirmed the need to enhance global cross-border payment arrangements to facilitate cheaper, faster, more inclusive and more … Continue Reading

FSB sets out progress on interest rate benchmark reform

On 20 November 2020, the Financial Stability Board (FSB) published a progress report on implementation of reforms to major interest rate benchmarks. Among other things the report notes: Production of LIBOR cannot be guaranteed after the end of 2021. The administrator of LIBOR, ICE Benchmark Administration, has recently announced that it will consult on its … Continue Reading
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