Regulation Asia relies on a team of journalists, writers and editors to cover regulatory announcements across Asia Pacific. editorial@regulationasia.com
AML / KYC
Singapore Passes Bill to Enable Data Sharing via COSMIC
09/05/2023
COSMIC will be rolled out in phases starting from H2 2024, enabling banks to alert one another about illicit activity involving their customers.
Market Infrastructure
Philippine SEC Issues Guidelines on Financial Instrument Identifiers
09/05/2023
The SEC issued guidelines on the allocation of ISIN, CFI and FISN codes to financial instruments in the Philippines.
Enforcement
US Authorities Investigating Short Sales of Banking Stocks
09/05/2023
SEC chair Gary Gensler said the agency would go after any form of misconduct that might threaten investors or markets.
Capital / Liquidity
Fed Warns of Credit Contraction Resulting from Bank Stress
09/05/2023
Ongoing stresses in the banking system could lead to a broader contraction in credit, resulting in a “marked slowdown in economic activity”.
Securities / Derivatives
HSBC Strikes Deal to Buy Out China Fund Management JV
09/05/2023
HSBC has reportedly signed an agreement to raise its stake in the joint venture from 49 to 100 percent, subject to regulatory approval and other conditions.
AML / KYC
HK Companies Registry Issues AML Guidance for TCSP Licensees
09/05/2023
New guideline seeks to help trust or company service providers devise and implement policies, procedures and controls for AML/CTF.
Market Infrastructure
RBNZ Proposes to Collect More Data on Cyber Incidents
09/05/2023
The RBNZ proposes to introduce mandatory reporting of all material cyber incidents within 72 hours, and periodic reporting of non-material incidents.
Enforcement
Australia: Medibank Faces Four Class Actions Over October Cyberattack
09/05/2023
The Federal Court is expected to consolidate the class actions. Medibank is also facing an investigation from Australia’s privacy regulator.
Sanctions
EU Commission Proposes Sanctions Against Chinese Companies
09/05/2023
The proposals also include sanctions on Iranian companies, measures to restrict sales of certain products to third countries, and powers to ban oil tankers that conceal their location.
Fintech / Regtech
BIS to Test Quantum Resistant IT Environments for Financial System
09/05/2023
“Project Leap” will test the ability of a quantum-resistant algorithm to maintain the confidentiality of payment messages transmitted between Banque de France and Deutsche Bundesbank.
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