Fintech / Regtech

Singapore Launches Digital Infrastructure to Facilitate Financial Planning

07/12/2020

SGFinDex uses SingPass and a centrally managed online consent system to enable individuals to access their financial information held across different government agencies and FIs.

AML / KYC

SFC Proposes to Introduce HK Investor ID Regime in 2022

06/12/2020

The proposed investor ID regime is expected to be implemented in Q1 of 2022 at the earliest. A separate reporting regime is proposed for OTC securities transactions.

Enforcement

CBIRC Penalises Bank of China Over April Crude Oil Losses

06/12/2020

Bank of China was fined over 50mn yuan and ordered to correct deficiencies, strengthen compliance awareness and improve risk management.

Market Infrastructure

IBA Consults on Intention to Stop Publishing LIBOR

06/12/2020

IBA intends to continue publishing the overnight and 1, 3, 6 and 12 month USD LIBOR settings until 30 June 2023. All other LIBOR settings would cease by 31 December 2021.

Capital / Liquidity

RBI Directs Banks Not to Declare Dividends for FY2020

06/12/2020

Due to ongoing stress and heightened uncertainty amid the Covid-19 pandemic, the RBI wants to ensure banks can continue to conserve capital and support the economy.

AML / KYC

China Imposes Reciprocal Sanctions Against Four US-Linked Individuals

06/12/2020

Four individuals at US-linked nonprofits are barred from entering China, including Hong Kong and Macau, for having “performed badly” over Hong Kong affairs.

Capital / Liquidity

APRA Urges Smaller Banks to Identify Possible Merger Partners

06/12/2020

APRA’s John Lonsdale said the general quality of recovery plans amongst smaller banks was weaker than the regulator would like, and they may have fewer recovery options.

Securities / Derivatives

Singapore Exchange Lists First China Onshore RMB Bonds

06/12/2020

The listing strengthens financial markets connectivity between China and Singapore, and helps to internationalise China’s markets, China Development Bank said.

Capital / Liquidity

PBOC, CBIRC Finalise D-SIBs Assessment Framework

06/12/2020

The framework will take effect from 1 January 2021. The additional regulatory requirements for D-SIBs have not yet been announced.