Securities / Derivatives

HKIFA Calls for Review of MPF Investment Framework

10/10/2022

The HKIFA is calling for relaxations to allow MPF funds to invest in a wider range of asset classes, and to provide investment flexibility to those already in retirement.

Market Infrastructure

FASB Extends LIBOR Accounting Relief for Two More Years

10/10/2022

The relief delays more onerous accounting treatment that borrowers with legacy LIBOR loans would face if the relief was not extended.

Crypto / Digital Assets

Binance Suffers Crypto Hack, But Contains Losses

10/10/2022

After managing to freeze the majority of the stolen assets, Binance said about $100mn in unrecovered funds remains, out of $570mn that was initially stolen.

Enforcement

Korea May Start Naming Foreign Firms Engaged in Illegal Short-Selling

09/10/2022

Local securities firms are required to notify investors if they are fined for violating short selling-related rules, but this is not the case for foreign investors.

Crypto / Digital Assets

RBI Set to Commence Limited Pilot Launch of CBDC

09/10/2022

To avoid the disintermediation of banks, which would impede credit creation, the RBI suggested the CBDC would likely be non-interest bearing.

Enforcement

FSA Bars SMBC Nikko from Block Trades for 3 Months

09/10/2022

SMBC Nikko Securities was also found to have shared confidential information of several corporate clients without their consent with its parent’s banking unit.

AML / KYC

Malaysia Budget 2023 to Tackle Scams, Promote Capital Market

09/10/2022

Budget 2023 includes measures to strengthen the capital market, protect against scams and cyber threats, and drive the ESG and climate change agenda.

AML / KYC

Singapore Government Publishes New National CTF Strategy

09/10/2022

A national risk assessment found remittance agents and banks to be the most vulnerable. MAS will develop new guidance for both sectors.

Crypto / Digital Assets

Interest Rate Caps Do Not Apply to Bitcoin Loans, Korean Court Rules

09/10/2022

The case involves a loan worth 30 bitcoins with an annual interest rate of 60 percent. Korean law caps interest rates on loans at 24 percent.