Hong Kong Financial Secretary Defends City’s Hub Status

12/10/2022

Paul Chan outlines the competitive advantages Hong Kong enjoys, offering financial market statistics on how the city compares to Singapore.

Sanctions

US Blocks Export of Computing Chips to China

12/10/2022

The export controls are aimed at preventing the transfer of advanced technology to China’s military, intelligence and security services.

Market Infrastructure

FSB Updates G20 on Work to Strengthen Financial System Resilience

12/10/2022

FSB chair Klaas Knot says the outlook for global financial stability remains challenging, citing tighter financial conditions and higher inflation.

AML / KYC

US Treasury Penalises Crypto Exchange Bittrex $29mn

12/10/2022

OFAC and FinCEN took joint action for sanctions screening failures and violations of AML and SAR reporting requirements.

Capital / Liquidity

HKMA Consults on Market Risk, CVA Risk Frameworks

12/10/2022

HKMA is consulting on proposed BCR changes and two new SPMs for implementation of the revised market risk and CVA risk frameworks.

Market Infrastructure

EMIR Refit Technical Standards Published in Official Journal

12/10/2022

Under the standards, reporting of the CDE, LEIs, ISINs, UTIs and UPIs to trade repositories are mandated, in XML format using ISO 20022.

Fintech / Regtech

Worldline, NPCI to Enable Indian UPI Payments Across Europe

12/10/2022

The first target markets are set to include Benelux (Belgium, the Netherlands, and Luxembourg) and Switzerland, with further plans for expansion.

Enforcement

UK FCA Queries Banks About Staff Messaging Practices

12/10/2022

The queries come after US regulators collected over $2bn in combined penalties from firms for failures to maintain, preserve, or produce staff communication records.

Market Infrastructure

FSB Unveils Proposed Global Regulatory Framework for Crypto

12/10/2022

The framework covers all crypto-asset activity, as well as associated issuers and service providers, that have the potential to pose financial stability risks.