Structural Regulation

Hong Kong Enacts Framework for Uncertificated Securities Market

13/06/2021

The SFC will consult the market on the subsidiary legislation in due course to prescribe the detailed rules and implementation timetable.

PEPs & Sanctions

China Passes Anti-foreign Sanctions Legislation

13/06/2021

Countermeasures can be taken against senior managers and actual controllers of firms included on the anti-sanctions list, as well as their family members.

Conduct, Culture & Accountability

Probe Finds Japan Officials, Toshiba Colluded Against Shareholders

13/06/2021

Foreign investors including Effissimo, Harvard Management Company and 3D Investment Partners were pressured to change their voting.

Structural Regulation

ASIC Extends Transitional Relief for Foreign Financial Services Firms

13/06/2021

ASIC is extending transitional relief provided under its new regulatory framework for foreign firms pending the outcome of the government’s announced reforms.

Cloud & Infrastructure

BIS, BOE Launch Innovation Hub London Centre

12/06/2021

The launch is part of a plan to expand the global reach of the BIS Innovation Hub, which includes the opening of Centres in Toronto, Frankfurt, Paris and Stockholm.

Custody & Infrastructure

Task Force Created to Align Digital Token Identifier With ISIN

12/06/2021

The task force is a joint collaboration between Etrading Software, the registration authority for the new ISO standard for DTIs, and ANNA.

KYC & CDD

Financial Crime Compliance Costs to Reach $213.9bn for 2021

12/06/2021

KYC for onboarding and customer risk profiling were cited as the biggest challenges for APAC financial institutions in a LexisNexis Risk Solutions study.

Resolution & Recovery

CBIRC Issues Final Rules on Resolution Planning for FIs

12/06/2021

Deposit-taking institutions, leasing companies, asset managers and insurers with assets exceeding a specified threshold are required to formulate recovery and resolution plans.

Capital Adequacy

HKMA Defers Implementation of Basel III Capital Standards

11/06/2021

Banks have an additional six months to implement the revised frameworks on credit risk, operational risk, output floor and leverage ratio. The market risk and CVA risk frameworks are also deferred.