Without coordinated action, a new global financial crisis triggered by climate change would render central banks and financial supervisors powerless.
Under the agreement, the December timeline for China's removal of foreign ownership limits in the securities sector is brought forward to April.
HKMA executive director Alan Au says banks generally agree with the need to foster sound bank culture and have been implementing a range of culture enhancement initiatives.
The lack of legal certainty and judicial recognition on close-out netting can impede capital market development in China, impacting domestic FIs the most, ISDA's Scott O'Malia said.
To mark the launch, 20 investment funds have established or re-redomiciled in Singapore as VCCs. To encourage adoption, MAS will fund up to 70% of eligible expenses to set up a VCC.
Phase two of the DRR pilot highlighted the importance of agreed data standards. An appropriate solution for producing machine-executable regulation has not yet been identified.
A new risk-based approach to quarterly reporting and stronger continuous disclosure requirements will apply from 7 February. The new whistleblowing office has also been established.
Technology has displaced the 2008 financial crisis as the main issue driving the international regulatory agenda, says a new report from Thomson Reuters.
The 5th annual IMAS Investment Managers’ Outlook Survey shows that 2020 could be the biggest year yet for ESG investing for Singapore fund managers.
Grab, Singtel, Razer, Ant Financial, V3 Group, EZ-Link, iFast Corporation, ByteDance, AMTD, Xiaomi, PhillipCapital, Temasek, Enigma Group and Singapura Finance are among applicants.