Sustainable Finance

Bank of China Issues First Notes Aligned to Updated CGT

17/06/2022

The Common Ground Taxonomy, first published in November by the EU and China, was updated following consultation.

Payments & Settlements

Myanmar Grants Exemptions to FX Conversion Rule Ban

17/06/2022

Myanmar is granting granted an exemption to select companies involved in FDI approved by the Myanmar Investment Commission.

Credit Risk

New Zealand: Responsible Lending Rules to Change on 7 July

17/06/2022

Responsible lending laws introduced in December have been blamed for causing tighter credit conditions for New Zealand borrowers.

Resolution & Recovery

BOE Asks Major Banks to Improve Resolution Plans

17/06/2022

The BOE said it found shortcomings in resolution plans prepared by HSBC, Lloyds Banking Group and Standard Chartered.

Clearing & Post-Trade

HK Clearinghouses Adjusts Capital Requirement for GCPs

16/06/2022

General clearing participants have to maintain liquid capital of HK$100mn for their first five non-clearing participants, and HK$20mn for each additional non-clearing participant.

Anti-Money Laundering

SFC Fines China Everbright Securities for AML/CFT Violations

16/06/2022

Unrelated clients received deposits from the same third party within four days, and then used the funds to trade in the same stock.

AI Risk & Governance

BSP Upgrades Infrastructure to Support Big Data Applications

16/06/2022

The BSP plans to start using big data sources and applications in 2023, starting with an index that will analyse online news to gauge the sentiment.

Conduct, Culture & Accountability

US SEC Penalises Schwab Over Robo-Adviser Disclosures

16/06/2022

High cash balances resulted in lower returns for robo-adviser clients.  The effect of this “cash drag” was not disclosed to clients, the SEC said.

Fraud, Scams & Cybercrime

Singapore Trade Finance Registry to Go Live in Q4

16/06/2022

The Association of Banks in Singapore has selected MonetaGo and GUUD to deliver a registry that will prevent duplicate financing and fraud.