HKEX Plans to Open New York Office in Early 2022 – Report

07/12/2021

The planned New York office will reportedly comprise only about five staff, subject to HKEX obtaining the necessary regulatory licences.

Capital / Liquidity

FSB Presents Stock-take of Progress on Resolution Regimes

07/12/2021

The FSB says work is under way to build up external TLAC for the four Chinese G-SIBs, but that all other G-SIBs report that they already meet or exceed the final TLAC requirement.

Fintech / Regtech

IOSCO Offers Guidance on Developing Innovation Facilitators

07/12/2021

IOSCO sets out key considerations for regulators who are looking to establish innovation hubs, regulatory sandboxes, and regulatory accelerators.

Securities / Derivatives

China Limits Scope of Allowed Derivatives Activities at Banks

07/12/2021

Domestic financial institutions can only enter into cross-border OTC derivatives transactions if they are used for hedging purposes.

Enforcement

Hong Kong SFC Imposes Lifetime Ban on Former Licensee

06/12/2021

The former licensee offered to invest for two students he taught, and then misappropriated their funds for his personal use.

Capital / Liquidity

MAS Urges Continued Prudence as Covid Uncertainties Linger

06/12/2021

The potential for further credit quality deterioration remains, especially if downside risks from the pandemic materialise and cause prolonged disruptions to economic activity.

Capital / Liquidity

PBOC Cuts RRR for Banks as Evergrande Uncertainty Looms

06/12/2021

The cut, effective 15 December, will free up an estimated CNY 1.2 trillion in banking system liquidity to support the economy and reduce financing costs for businesses.

Enforcement

HK Court Acquits Former HKEX Official in Bribery Case

06/12/2021

The court ruled that the prosecution did not prove that IPO consultant Richard Lum had bribed the former joint-head of HKEX’s IPO vetting team, Eugene Yeoh.

Fintech / Regtech

Thai SEC to Require Crypto Wallet Providers to be Licensed

06/12/2021

Custody and wallet providers required to obtain information identifying the account owners of wallets. New guidelines coming on the use of crypto in payments.