Conduct, Culture & Accountability

CBIRC Issues New Qualification Rules for Insurance Executives

27/06/2021

Insurers need to seek approval from the CBIRC on the qualifications of directors, supervisors and senior managers starting 1 July.

Structural Regulation

FCA Consults on Intention to Compel Publication of Synthetic LIBOR

25/06/2021

The FCA intends to compel publication of synthetic versions of GBP and JPY LIBOR, using forward-looking term version of RFRs.

Clearing & Post-Trade

HKMA, SFC Finalise Latest Changes to FSP List

25/06/2021

A unit of Toronto-Dominion Bank will be included on the FSP list. An entity that has merged with Deutsche Bank will be removed.

AI Risk & Governance

ASIFMA Calls for Harmonised Approach to Regulating AI

25/06/2021

Regulators should leverage existing frameworks that largely already address and mitigate the key risks associated with the increased use of AI.

Conduct, Culture & Accountability

SFC Fines Deutsche Securities Asia Over Prime Brokerage Statements

25/06/2021

A system design caused a failure to distinguish between ex-entitlement dates and settlement dates of bonus share events in periodic statements.

Credit Risk

MAS Announces ‘Final’ Extension of Credit Relief Measures

24/06/2021

MAS says this is likely the final extension and that loan repayments must start normalising to minimise debt accumulation.

Structural Regulation

CBIRC Issues Draft Rules on Related Party Transactions

24/06/2021

Banks and insurers are required to put in place mechanisms to prevent the transfer of benefits to shareholders and their related parties.

Anti-Money Laundering

Korean Officials Seize Cryptocurrency from Tax Evaders

23/06/2021

Investigators had to compare tax evaders’ mobile phone numbers against those registered at crypto exchanges in order to track down their account details.

Resolution & Recovery

Korean Cabinet Approves Rules on SIFI Resolution Plans

23/06/2021

SIFIs will be required to prepare recovery and resolution plans and submit them to the FSS within three months from being designated.