Securities / Derivatives

Goldman, Morgan Stanley Approved to Control China Securities JVs

29/03/2020

The two US banks have approval to raise their stakes in their securities joint ventures to 51%. On 1 April, foreign ownership caps for securities firms and fund managers will be scrapped entirely.

Capital / Liquidity

Basel III Implementation Timelines Deferred in Response to Covid-19

28/03/2020

The implementation date of the outstanding Basel III standards will be deferred by one year to 1 January 2023 to free up operational capacity for banks and supervisors.

Capital / Liquidity

RBI Announces Broad Measures to Address Covid-19 Financial Stress

28/03/2020

The measures include a 3 month moratorium on term loans, deferred interest on working capital loans, $50bn of liquidity measures, and 6-month delays for NSFR, CCB and LEI implementation.

Securities / Derivatives

Hong Kong to Update List of FSPs Under Clearing Obligation

27/03/2020

Eight additional entities are proposed to be included on the list of Financial Services Providers under the OTC derivatives clearing regime.

Securities / Derivatives

CBIRC Issues New Rules for Insurers’ Asset Management Products

27/03/2020

Insurance asset management products may not invest more than 35% of net assets in shadow banking assets, and may not invest in commercial banks’ credit assets directly.

New Zealand Delays New Financial Advice Regime

27/03/2020

The new regime will be deferred until at least March 2021, allowing financial advisers to focus on helping their clients, staff and families during “this difficult time”, the FMA says.

Australia: Super Funds Seek Liquidity Backstop Facility

27/03/2020

The government will allow individuals in financial stress to access superannuation savings, but may have underestimated the ability of super funds to meet withdrawals.

Enforcement

Woori Financial Chief Gets Reappointment Despite FSS Sanctions

27/03/2020

A Seoul court has granted an injunction against FSS sanctions that would have prevented chairman Sohn Tae-seung from seeking another term at Woori Financial Group.

Market Infrastructure

China to Enhance Oversight of National Bad Debt Managers

27/03/2020

The reforms are said to be in part aimed at shielding the Ministry of Finance from risk. The Ministry is the largest shareholder of each of the national AMCs.