The available supervisory tools to accelerate transition at banks could include ad-hoc regulatory capital add-ons, administrative sanctions or other legal actions.
The first centrally cleared HONIA interest rate swap contract was between BOCHK and HSBC, marking a significant step to promote HONIA’s adoption in the financial industry.
35 of 54 reporting jurisdictions have implemented the FATF Standards on virtual assets and VASPs, and progress has been made to develop technology for travel rule implementation.
The HKMA has published its observations on the approaches used by major banks to manage climate risk, as guidance for the banking sector as a whole.
Privacy enhancing technologies, or PETs, may provide a "similar or, even, identical utility" compared to analysis of the raw data in some use-cases, says an FFIS paper.
A new inter-agency team, led by the FSS, will be established by mid-July, and refer any illegalities detected to authorities for 'swift action' including prosection.
As the BIS Innovation Hub widens its reach, success will rely on its ability to cultivate a supportive ecosystem which includes financial institutions and innovators alike.
The HKMA expects the results of the industry greenness self-assessments in August 2020, which will inform its supervisory expectations ahead of a consultation next year.
Once the acute illiquidity phase of the crisis passes and insolvency problems emerge, the onus of crisis management will shift from central banks to fiscal authorities.
Once signed into law, the Act will authorise the use of sanctions against individuals, entities and financial institutions in response to China's new national security law for Hong Kong.