Structural Regulation

CSRC Approves Credit Suisse Majority Control of Securities JV

20/04/2020

The approval allows Credit Suisse to raise its stake in a joint venture with Founder Securities from 33.3% to 51%, making it the latest foreign firm to gain majority control of a domestic brokerage in China.

KYC & CDD

India Moves to Prevent ‘Opportunistic Takeovers’ by Chinese Investors

19/04/2020

India has introduced a pre-approval requirement for all foreign investment from seven countries including China to curb “opportunistic takeovers or acquisitions” of Indian companies.

Anti-Money Laundering

S. Korea AML/CFT Framework Significantly Strengthened: FATF

19/04/2020

Korea demonstrates effective cooperation among local authorities, the private sector and foreign counterparts; and effective use and development of financial intelligence.

Credit Risk

APRA Announces Reporting Requirement for SME Guarantee Scheme

18/04/2020

Lenders approved to participate under the Scheme must complete the new returns on a weekly basis, with the first collection due on 1 May.

Credit Risk

HKMA, Banks to Launch Debt Payment Holiday Scheme for Corporates

18/04/2020

All corporate customers with annual turnover under HK$800mn and with no outstanding loan payments more than 30 days overdue are eligible for the principal payment holiday.

Model Risk

RBNZ Working with ANZ NZ to Improve Model Compliance

18/04/2020

The latest section 95 report identifies that 17 wholesale credit models and the operational risk capital model approach currently in use at ANZ NZ are not approved by the RBNZ.

Trading & Investment

SFC Seeks Certainty on ETF Market Making Continuity

18/04/2020

ETF management companies should procure more than one market maker, or secure arrangements for alternative market makers to quickly step in if there is a disruption.

Structural Regulation

MAS, ESMA Sign MOU on Singapore’s Financial Benchmarks

18/04/2020

The MOU and last year’s equivalence decision from the European Commission ensure that FIs in the EU can continue using SIBOR and the SOR as reference rates in their contracts.

Liquidity Risk

Bank Indonesia Cuts RRR, Prepares to Buy Govt Bonds

18/04/2020

The measures include a 200bp RRR cut for banks and a 50bp cut for Islamic banks. The central bank may also start buying government bonds in the primary market in two weeks.