APRA Super Fund Performance Test Results in Mergers, Exits

27/02/2022

13 super funds failed APRA’s inaugural MySuper Product Performance Test last August. The worst performer, Maritime Super, is in talks to merge with industry fund Hostplus.

Capital / Liquidity

CBIRC Incentivises HK Cat Bond Issuance by Mainland Insurers

27/02/2022

Preferential treatment in place since 2018 has been extended to mainland insurers that issue catastrophe bonds in the Hong Kong market.

Capital / Liquidity

PBOC Concludes First Phase of Climate Risk Stress Tests

27/02/2022

Defaults in the thermal power, steel and cement sectors may increase if companies in those sectors do not shift to low-carbon alternatives.

Securities / Derivatives

BSEC Reduces Minimum Investment Limit for SME Boards

27/02/2022

The BSEC eased the limit in response to requests from merchant bankers. Stock exchanges are directed to provide registration to investors free of cost.

CBIRC Expands Private Endowment Insurance Trial Nationwide

25/02/2022

The expansion will allow all pension insurers in China to participate in the scheme. So far only six insurers have participated in two pilot areas.

Fintech / Regtech

ICE Makes ‘Strategic Investment’ in Digital Securities Platform tZero

24/02/2022

tZERO operates a digital marketplace for unique private assets, public equities, cryptocurrencies, and other digital assets, including NFTs.

AML / KYC

Ex-Goldman Exec Alleges BNM Was Involved in 1MDB Graft

24/02/2022

Tim Leissner said BNM approved a USD 1 billion overnight transfer out of 1MDB but that he could not independently verify whether a bribe was paid.

Enforcement

MAS Bans Former OCBC Representative for Five Years

24/02/2022

The former representative was convicted of forgery in the State Courts last year, leading MAS to believe she would not perform financial advisory services honestly.

ESG / Sustainability

HK FRC Establishes Sustainability & Climate Action Task Force

24/02/2022

The task force will provide high level recommendations on strategic actions the FRC should consider to promote sustainability reporting in Hong Kong.