Capital / Liquidity

ISDA to Recognise China as Clean Netting Jurisdiction

04/05/2022

ISDA plans to publish a legal opinion recognising China as a jurisdiction in which close-out netting can be applied, paving the way for a more diversified onshore derivatives transactions.

APRA Scraps Expectations on Negative Rate Preparedness

04/05/2022

Banks asked for an extension on a 31 July 2022 deadline, citing market conditions and resource pressures due to other priorities.

Fintech / Regtech

S. Korea Set to Delay Capital Gains Tax for Crypto

04/05/2022

President-elect Yoon Seok-yeol is planning to defer the tax to 2025 to allow time for the enactment of a new set of regulations designed to protect consumers.

Securities / Derivatives

AIMA Publishes Institutional Investor Guide on Digital Asset Custody

04/05/2022

The guide was produced with contributions from Anchorage Digital, Barclays Investment Bank, Capco, Coinbase, Copper, Digivault, and Fidelity Digital Assets, among others.

AML / KYC

BSP Sanctions BDO, UBP Over Unauthorised Bank Transfers

04/05/2022

The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.

AML / KYC

NAB Enters Undertaking to Uplift AML/CTF Compliance

04/05/2022

NAB’s action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.

Enforcement

UK Regulator Accuses HSBC of Greenwashing Through Advertising

04/05/2022

The UK’s advertising watchdog says HSBC misled customers by selectively promoting its green initiatives without mentioning its continued financing of fossil fuel businesses.

Fintech / Regtech

India’s GIFT City to Introduce Fintech Regulatory Sandbox

04/05/2022

The dedicated regulatory sandbox is part of government efforts to establish GIFT City as ‘world class’ fintech hub.

Market Infrastructure

US, Europe to Pilot Real-time Cross-border Payments This Year

03/05/2022

The IXB pilot service will initially support instant payments in the USD-EUR corridor, with a full-service offering expected in 2023.