Capital / Liquidity

Australian Banks Announce Small Business, Home Loan Relief

20/03/2020

Australia’s big four banks have each announced reductions in their lending rates, as well as the availability of deferrals of small business and home loan repayments.

AML / KYC

MAS Penalises Trust Company for AML/CFT Failings

20/03/2020

TMF Trustees Singapore was penalised SG$400,000 for failing to verify the source of wealth and monitor transactions on an ongoing basis.

BOJ Carries Out Emergency Operations to Curb Bond Volatility

20/03/2020

The 1.3 trillion yen emergency bond-buying operation to was aimed at stabilising the debt market given its recent volatility, the BOJ  said.

Capital / Liquidity

BNM Cuts Statutory Reserve Requirement for Banks

20/03/2020

BNM has lowered the SRR ratio to the lowest level since April 2011, and is allowing principal dealers to recognise MGS and MGII up to 1 billion ringgit as part of SRR compliance.

Securities / Derivatives

SGX RegCo Offers Guidance on Holding General Meetings

20/03/2020

Measures include segregating attendees across various venues, adopting digital tools to conduct general meetings, and a 250-person limit at any given venue.

Market Infrastructure

Singapore Steering Committee Publishes SORA Transition Roadmap

19/03/2020

Banks aim to start active trading in SORA derivatives in the second half of the year, and SORA-based loans will launch by year-end.

Enforcement

MAS Bans Six Individuals for Fraud and Dishonest Conduct

19/03/2020

The first five individuals abused their clients’ trust for their personal gain and the last evaded taxes. All six also received prison sentences.

Market Infrastructure

Fed Establishes FX Swap Lines with Nine Central Banks

19/03/2020

Temporary currency swap lines will be established with 9 central banks – including BOK, RBA, MAS and RBNZ – to lessen the strain on US dollar funding markets.

Market Infrastructure

ESMA Defers SFTR Start Date for Phase One Reporting Entities

19/03/2020

ESMA now expects trade repositories, credit institutions, investment firms to be ready for SFTR reporting from 13 July, alongside CSDs and CCPs.