Capital Adequacy

FSC Korea to Revise Insurance Law for IFRS 17 Adoption in 2023

03/12/2020

The FSC will set up a task force charged with drawing up legislative revisions to reflect changes in IFRS 17 and prepare for implementation in 2023.

Sustainable Finance

BNM to Update Framework for Microinsurance, Microtakaful Products

03/12/2020

The proposals presented in a new exposure draft seek to promote more innovative, sustainable and inclusive insurance and takaful business models.

Structural Regulation

Bill to Block Chinese Listings on US Markets Passes Congress

03/12/2020

Once the President signs the bill into law, Chinese companies would be blocked from listing in the US if they don’t submit to PCAOB audits.

Tokenisation

Malaysia Completes Bond Tokenisation POC in Offshore Market

03/12/2020

The POC demonstrated that digital bonds could be issued and managed on a blockchain, and its attributes allow for new service expansion offerings.

Structural Regulation

ASX Consults on Listing Rule Changes Ahead of March Implementation

03/12/2020

ASX is consulting on amendments to the listing rules to facilitate the introduction of its next batch of online forms in March 2021, among other proposals.

Emerging Prudential Risks

Pandemic Cited as Top Financial Stability Risk for 2021: DTCC

03/12/2020

The Covid-19 pandemic ranks as the greatest threat to global financial stability in 2021, according to a new survey published by DTCC.

Payments & Settlements

Lloyds UK Launches First Live Link of ‘SWIFT gpi Instant’

03/12/2020

Remittance payments from anywhere in the world destined for the UK routed through Lloyds can arrive in seconds with fee and foreign exchange transparency.

Credit Risk

BNM Provides Details on New Financing Facilities for SMEs

03/12/2020

The budget initiatives included a targeted facility for SME working capital, credit for micro enterprises, and support for high-tech SMEs.

Operational Risk

Westpac Commits to Addressing Risk Governance Weaknesses

03/12/2020

The court enforceable undertaking requires Westpac to develop an integrated plan to address all major risk governance issues, covering both financial and non-financial risks.