Sanctions

Myanmar Exempts Foreign Firms from FX Conversion Rule

27/04/2022

An order requiring all foreign currency held in bank accounts to be converted into local currency will not apply to businesses in special economic zones and most other foreigners.

HKIFA Calls for Clear ‘Exit Strategy’ from Covid Restrictions

27/04/2022

The HKIFA says many fund managers have or are planning to relocate, largely to Singapore, due to Hong Kong’s tough Covid-related restrictions.

Securities / Derivatives

LME to Cease Trading in Gold, Silver Futures in July

27/04/2022

The LME said the decision was made following discussions with market participants and “in light of the low levels of trading activity”.

AML / KYC

China UnionPay to Halt Operations in Russia

27/04/2022

UnionPay has reportedly halted negotiations with Russian banks on issuing new bank cards for their customers to avoid possible sanctions.

Fintech / Regtech

HKMA Launches Knowledge Hub to Promote RegTech Adoption

26/04/2022

The Hub’s launch is accompanied by videos featuring regtech solutions from HSBC, Citibank, iFinHealth, Ping An OneConnect Bank and ASTRI.

Capital / Liquidity

HK to Implement Capital Standard for Banks’ Fund Exposures

26/04/2022

The capital standard for banks’ equity investments in funds is expected to come into operation in Hong Kong on 1 July 2022.

Singapore: New Guidance Issued on Enhancing Insurer Service Quality

26/04/2022

Singapore’s Insurance Culture and Conduct Steering Committee published a third paper offering guidance on improving conduct and culture in the insurance ecosystem.

Securities / Derivatives

SFC Proposes Amendments to Position Limit Regime

26/04/2022

The proposals will expand the list of futures and options contracts for which the SFC may prescribe position limits.

AML / KYC

BSP Directs FIs to Implement Controls Against Cyber Fraud

26/04/2022

The recommended control measures include the removal of clickable links in emails and SMS and customer notifications for fund transfers and contact information changes.