Market Infrastructure

New Zealand Consults on Regulations to Support CoFi Regime

01/10/2022

Two consultations have been issued, including an exposure draft on regulations defining prohibited volume-based sales incentives.

AML / KYC

UK FCA Grants Revolut Approval to Offer Crypto Services

01/10/2022

Revolut was allowed to remain on a temporary register after a March deadline for approvals until its application was fully processed.

PBOC Launches Relending Facility for Equipment Upgrades

30/09/2022

The re-lending facility will provide low-cost funding for loans issued to support equipment upgrades, digital transformation and renovations by businesses.

Securities / Derivatives

SEBI Issues New Rules for Ratings of Credit-enhanced Securities

30/09/2022

The rules require CRAs to make certain disclosures and conduct independent due diligence on the nature of support provided by an external or third party.

Enforcement

Japan SESC Seeks Penalty Order Against SMBC Nikko Securities

30/09/2022

The SESC has recommended that the FSA punish SMBC Nikko Securities for stock price manipulation and shortfalls in its trading surveillance system.

AML / KYC

FinCEN Issues Final Rule for Beneficial Ownership Reporting

30/09/2022

The rule is effective from 1 January 2024. Existing companies will have one year to report information about their beneficial owners to FinCEN.

Capital / Liquidity

Standard Setters Publish Review of Global Margining Practices

30/09/2022

Market volatility and model reactions to volatility were responsible for the majority of the peak increase in IM requirements in March and April 2020.

Capital / Liquidity

HKMA Consults on Pillar 3 Disclosure Requirements for Basel III

30/09/2022

Following consultation, the HKMA plans to submit revisions to the disclosure requirements in early 2023, ahead of Basel III implementation on 1 July 2023.

AML / KYC

Turkish Banks to Stop Using Russia’s Mir Payment System

30/09/2022

Three Turkish state banks will stop using the Mir system in response to guidance issued by OFAC earlier this month. Two others stopped last week.