Malaysia Establishes New Council to Drive Islamic Finance

07/10/2022

BNM and the SC said the newly established MIFC Leadership Council will cement Malaysia’s proposition as a leading hub for Islamic finance.

Enforcement

HK Court Orders Founder to Buy Shares from Wronged Investors

07/10/2022

The order is the first made to require a listed company executive to buy shares held by other investors “at a price to be determined by the court”.

Korea Launches New Debt Adjustment Programme

07/10/2022

The programme will cater to pandemic-hit micro-enterprises and self-employed business owners. A mortgage loan conversion programme has also been expanded.

Securities / Derivatives

China Offers Tax Breaks to Private Pension Participants

07/10/2022

The move is expected to incentivise more FIs to participate in the private pension scheme and improve their products and services to gain market share.

AML / KYC

Hong Kong Police Launch New Anti-Fraud Search Engine

06/10/2022

Dubbed ‘Scameter’, the search engine allows members of the public to check information such as bank account numbers and email addresses for previous links to scams.

AML / KYC

European Council Adopts Eighth Russia Sanctions Package

06/10/2022

The package completely bans the provision of crypto wallets, accounts, or custody services to Russian nationals and entities, among other measures.

Crypto / Digital Assets

Russia Seeks to Legalise Crypto Mining in Some Regions

06/10/2022

The bill may be rejected by Russia’s parliament, because it does not specify tax procedures or requirements for data centres and mining operators.

Capital / Liquidity

BCBS Calls for Greater Use of CCyB by National Authorities

06/10/2022

Authorities should adopt a positive CCyB rate in normal times. A report evaluating the impact and effectiveness of implemented Basel reforms has also been released.

Capital / Liquidity

HKMA to Defer Implementation of Basel III Reforms

06/10/2022

Standards associated with credit risk, operational risk, the output floor, and the leverage ratio will implemented no earlier than 1 January 2024.