Korean President Nominates New Chiefs for FSC, FSS

09/08/2021

BOK board member Koh Seung-beom will lead the FSC, subject to a confirmation hearing. Former financial regulator Jeong Eun-bo will lead the FSS.

Capital / Liquidity

RBI Extends Liquidity Facilities for Banks, NBFCs

09/08/2021

The impacts of the second wave of the Covid-19 pandemic have been visible in the real estate sector, the RBI said. It is also monitoring stressed assets in the banking sector.

AML / KYC

China, UAE Agree to Exchange Intelligence on AML Investigations

09/08/2021

The FIUs in China and the UAE will exchange information on investigations concerning money laundering, terrorist financing, and the persons or entities involved.

Fintech / Regtech

Bank of Korea CBDC Pilot to Kick off This Month

09/08/2021

Ground X, Kakaobank, Kakao Pay, Consensys, Samsung and Onther are among the firms that will participate in the pilot. Phase one will be complete by December.

UPDATED – RBI Extends Deadline for Current Account Restrictions

09/08/2021

The extension is being provided to ensure customers are “not put to undue inconvenience during the implementation process”.

Securities / Derivatives

JP Morgan Approved to Take Full Ownership of China Securities Unit

08/08/2021

JP Morgan already had a controlling stake in the unit. The new approval makes it the first foreign firm to fully own a securities venture in China.

Securities / Derivatives

Hong Kong ICAC Charges Securities Brokers for Bribery

08/08/2021

Two securities brokers accepted commissions to arrange for their clients to use a futures trading programme provided by a software company.

Market Infrastructure

LCH Set to Switch Discounting, PAI Rate from SOR to SORA

08/08/2021

LCH is switching its discount curves and PAI rate on SGD-denominated cleared swaps from SOR to SORA on 9 August.

Market Infrastructure

China: New Rules Issued to Address Unreliable Bond Ratings

08/08/2021

The rules require credit rating agencies to strengthen their methodologies and systems, improve corporate governance, and avoid conflicts of interest.