Securities / Derivatives

SFC Set to Launch Digital Licensing Platform on WINGS

15/12/2021

New electronic licensing forms for licence applications, annual returns, notifications and regulatory filings are to be submitted through WINGS from 3 January.

AML / KYC

UK Court Convicts, Fines NatWest for AML Failings

15/12/2021

NatWest’s accepted cash deposits worth around GBP 264 million. The case represents the first time the FCA has pursued criminal charges for money laundering failings.

Enforcement

FMA Cancels Financial Advice Provider’s Transitional Licence

15/12/2021

This was the first transitional licence cancelled by the FMA, due to “serious misconduct” by the company’s sole financial adviser at a previous employer.

SAFE Revises Reporting Requirements for Banks’ Overseas Activity

15/12/2021

Banks will have to report new items related to the London Stock Connect and Wealth Connect, as well as additional details on their overseas subsidiaries.

Big Picture

CPMI Reviews Developments in Retail Fast Payment Systems

14/12/2021

The implementation of retail FPS across the globe has risen from under a dozen jurisdictions in 2010 to around 60 in 2021.

Fintech / Regtech

China MIIT Issues Plans for Expansion of Big Data Industry

14/12/2021

The plan includes measures to establish a market-oriented data pricing mechanism, strengthen data governance and security, and establishment data trading platforms.

ESG / Sustainability

BOJ to Assess Market Functioning in Relation to Climate

14/12/2021

The BOJ will gather stakeholder views on how climate-related risks and opportunities are reflected in stock and bond prices and how to develop the ESG bond market.

Market Infrastructure

SWIFT Message Translation to Facilitate ISO 20022 Migration

14/12/2021

New service translates ISO 20022 messages to MT for banks that are not ready to process ISO 20022, which goes live in November 2022.

Capital / Liquidity

FSB Takes Stock of Approaches to Operationalising Bail-in

14/12/2021

In a new paper, the FSB provides an overview of practices, operational processes and arrangements as part of the bail-in process.