Fintech / Regtech

HKMA Issues Guidance on Using Digital Platforms to Offer Credit

21/12/2022

With the growing popularity of digital platforms to apply for credit products, banks are “reminded to ensure proper protection of their customers”, the HKMA said.

ESG / Sustainability

Korea Establishes New Sustainability Standards Board Under KASB

20/12/2022

The Korea Sustainability Standards Board will participate in international discussions and develop a new ESG disclosure system to be used domestically.

Market Infrastructure

FSB Offers LIBOR Transition Update, Warns of ‘Residual Risks’

19/12/2022

Regulators continue to express concerns that the use of Term SOFR and credit sensitive rates could draw away liquidity from the overnight SOFR derivatives markets.

Capital / Liquidity

Basel Rules for Cryptoassets to Take Effect in Jan 2025

19/12/2022

1,250% risk weight not applicable to custodied assets. Infrastructure risk add-on no longer mandatory. Gross limit on total Group 2 exposures raised from 1% to 2%.

ESG / Sustainability

Japan Finalises Code of Conduct for ESG Data Providers

19/12/2022

The FSA is now calling on ESG evaluation and data providers to endorse the code of conduct, publish it on their websites, and notify the regulator.

Market Infrastructure

US Regulators Deem Audit Inspections of Chinese Firms a Success

16/12/2022

The PCAOB did identify some deficiencies in their inspection work, but it was able to view complete audit work papers with no redactions.

Crypto / Digital Assets

Australia Seeks Input on Strategic Plan for Payments System

15/12/2022

The government will also empower the RBA to regulate digital wallet providers and improve the regulatory framework for crypto service providers.

AML / KYC

AUSTRAC Releases First Proliferation Financing Risk Assessment

15/12/2022

Australia is vulnerable due to lack of reporting requirements for DNFBPs and poor transparency of companies, trusts, and beneficial ownership.

Capital / Liquidity

UK Proposes Extensive Overhaul of Financial Services Regulations

12/12/2022

The reforms include overhauls of the ring-fencing and senior managers regimes, a new green finance strategy, and an investment management exemption for cryptoassets.