Market Infrastructure

Implementation of Global Tax Reforms to Be Delayed

26/05/2022

The full text of the agreement will not be ready by mid-year as originally planned. Implementation is now expected in 2024 rather than 2023.

Securities / Derivatives

‘Significant Issues’ Remain on US-China Audit Deal

26/05/2022

The SEC’s YJ Fischer confirmed that progress has been made in talks with Chinese regulators, but warned that time was “quickly running out”.

Securities / Derivatives

China Allows Expanded Use of Currency Hedging Tools

26/05/2022

Financial institutions are allowed to offer American-style and Asian-style FX options, in addition to European-style FX options already allowed.

HKMA Publishes Findings from Front Office Incentives Review

26/05/2022

Some incentive systems used in retail banks’ front offices may unintentionally push staff to prioritise business objectives over customer outcomes.

Crypto / Digital Assets

GBBC, GDF Merge to Create 500 Member Association

25/05/2022

The combined influence of GBBC and GDF is expected to help facilitate global collaboration on a robust global framework for crypto assets.

Fintech / Regtech

SET, UOB Join SGX, Temasek as Investors in ADDX

25/05/2022

SET’s move to invest in ADDX reflects a trend towards a “new capital market landscape that emphasises continuity between the public and private markets”.

Fintech / Regtech

Govt Support Needed in AI, Big Data Industry: FTAHK

25/05/2022

Survey respondents said government support is needed to drive education and promote fairness, ethics, accountability and transparency in the industry.

Market Infrastructure

Singapore, Switzerland to Promote Cross-border Data Connectivity

25/05/2022

MAS and SIF will work towards enabling data flows (including personal information) within financial groups, supported by free choice of location for data storage and processing.

ESG / Sustainability

US SEC Fines BNY Mellon Unit for ESG Misstatements

25/05/2022

BNY Mellon Investment Adviser stated in documents that all investments in its funds had undergone an ESG quality review, but that this was not always the case.