Fintech / Regtech

PFMI Applies to Global Stablecoins, CPMI & IOSCO Confirm

07/10/2021

The transfer function of a stablecoin arrangement is “comparable” to the transfer function performed by other types of financial market infrastructures.

AML / KYC

HK ICAC, FRC to Collaborate on Financial Market Malpractice

07/10/2021

The new MoU sets out a framework for cooperation, covering case referrals, joint investigations, information exchange, mutual investigative assistance and training.

Market Infrastructure

EDPB Issues Opinion on Adequacy of Korea Data Protection Regime

07/10/2021

The EDPB says Korea’s data protection framework presents “numerous similarities” to Europe’s, but certain aspects may require “a closer look and clarification”.

Capital / Liquidity

APRA Unveils Initial Measures to Contain High Risk Lending

06/10/2021

Banks should operate with a mortgage serviceability buffer of at least 3 percentage points over the loan interest rate, and control lending at high debt-to-income ratios.

Fintech / Regtech

China to Regulate Algorithms Use, Punish Misuse

06/10/2021

The new guidance warns that companies will be held accountable for misusing algorithms. An algorithm registration system will be established.

Capital / Liquidity

Derivatives Are “Essential” to Carbon Markets: ISDA

06/10/2021

Regulatory action is needed to address disproportionately high capital requirements that would be imposed on carbon certificates by FRTB.

UPDATED – RBI to Initiate Insolvency Proceedings at Two NBFCs

06/10/2021

Srei Infrastructure Finance and Srei Equipment Finance owe about INR 180 billion in loans to about 15 banks and INR 100 billion in external borrowings and bonds.

AML / KYC

SWIFT Publishes Guidelines for Screening ISO 20022 Messages

06/10/2021

Richer data in ISO 20022 messages allow financial institutions to potentially reduce false positives in sanctions screening, SWIFT says.

AML / KYC

MAS Examining Asiaciti Trust Revelations in Pandora Papers

06/10/2021

The Pandora Papers show that Singapore firm Asiaciti Trust had helped politicians and public officials set up trusts and shell companies in secrecy jurisdictions.