Capital / Liquidity

Rural Banks in China Found Hiding Bad Loans – Report

14/12/2018

China’s National Audit Office has reportedly found that five financial institutions concealed a combined $189mn in bad loans by misclassifying them as performing.

Securities / Derivatives

Hong Kong to Extend Profits Tax Exemption to Local PE, Hedge Funds

14/12/2018

Under the existing framework, non-retail funds domiciled in Hong Kong are not exempt from profits tax, unlike their offshore-domiciled counterparts.

AML / KYC

Hong Kong Not Obliged to Enforce US Sanctions – Report

13/12/2018

Hong Kong is not obliged to enforce unilateral sanctions imposed by individual jurisdictions including the US, a senior official said in regards to Huawei’s alleged dealings with Iran.

Securities / Derivatives

SEBI Allows Mutual Funds to Segregate Distressed Assets in Portfolios

13/12/2018

At its latest board meeting, SEBI approved a plan to allow mutual funds to create segregated portfolios for assets experiencing credit events, among a number of other proposals.

Capital / Liquidity

Philippines to Introduce Basel III Countercyclical Capital Buffer

13/12/2018

The CCyB will initially be set at 0% but is subject to upward adjustment – up to a maximum of 2.5% – when warranted by systemic conditions.

Market Infrastructure

SFC Concludes Consultation on Enhancements to OTC Derivatives Regime

13/12/2018

OTC derivatives participants will be subject to new risk mitigation requirements, as well as conduct requirements for dealings with group affiliates and related parties.

Capital / Liquidity

FRTB Capital Requirements Set for Further Delays – Report

12/12/2018

European legislators have reportedly agreed to initially introduce only the reporting requirements under FRTB and delay the capital requirements.

Enforcement

RBI Fines Indian Bank for Violating Cybersecurity Norms

12/12/2018

The Reserve Bank of India has fined Indian Bank 10 million rupees for deficiencies in regulatory compliance with cybersecurity norms.

Capital / Liquidity

Basel Committee Finalises Pillar 3 Disclosure Requirements

12/12/2018

The updated framework accounts for finalised post-crisis reforms under Basel III and includes new disclosure requirements for asset encumbrance and capital distribution constraints.