Capital / Liquidity

More Foreign Banks in UK May Have to Convert Branches to Subsidiaries

06/07/2023

The BOE is considering reducing the thresholds for requiring foreign banks to set up subsidiaries, as part of a review prompted by SVB’s collapse.

Market Infrastructure

BSP Starts Publishing Temporary Replacement Rate for LIBOR

06/07/2023

The new reference rate is generated by translating the 28-day BSP bill rate to its overnight equivalent.

Crypto / Digital Assets

Korea to Start Work on Second Phase of Crypto Legislation

06/07/2023

The next phase of legislation will introduce rules for the issuance and distribution of virtual assets, as well as a regulatory system for stablecoins.

Market Infrastructure

Korea Announces Plans to Allow New Entrants to Banking Industry

06/07/2023

This will be the first time in thirty years that new nationwide banks can be established in Korea, the FSC said.

Market Infrastructure

Australia Launches New Foreign Ownership Register

06/07/2023

Investors need to notify the new Register within 30 days after they acquire or dispose of an interest or there is a change of at least 5 percent in the interest.

AML / KYC

Upper House of UK Parliament Approves Economic Crime Bill

05/07/2023

The bill will boost corporate transparency, enable more effective seizure and recovery of crypto assets, and introduce new ‘failure to prevent’ offences.

Capital / Liquidity

Korea Relaxes Banking Rules to Boost Venture Investments, Corporate Lending

05/07/2023

The limit on bank acquisitions of unlisted equity securities is raised and the loan-to-deposit ratio requirement applied to foreign bank branches is relaxed.

ESG / Sustainability

Australia: New Report Calls into Question Credibility of Corporate Reporting

05/07/2023

The poor quality of disclosure suggests that directors are not taking their responsibility seriously, said Professor Peter Carey at Deakin University.

FSS Korea Publishes Revised Guidance on Private Equity Funds

05/07/2023

The guidance is intended to support the growth of the institutional private equity funds, following rule changes that were introduced in October 2021.