Securities / Derivatives

“Incremental” Progress Made to Advance OTC Derivatives Reforms

08/11/2022

The latest FSB progress report highlights efforts from China, India, Korea, and Indonesia to further implement reforms in OTC derivatives markets.

AML / KYC

Australia Consults on New Beneficial Ownership Disclosure Regime

08/11/2022

The first phase will require specified entities regulated under the Corporations Act to maintain accurate, up‑to‑date and publicly accessible beneficial ownership registers.

Market Infrastructure

MAS to Ban Payment for Order Flow from 1 April 2023

07/11/2022

Brokers “should not receive PFOF in placing and/or executing customers’ orders” because it “introduces conflicts of interests” and is “likely to cause harm to customers”, MAS says.

Fintech / Regtech

SEBI Drafts Cloud Adoption Framework for Regulated Entities

06/11/2022

The framework says there are “no limitations” on the use of any cloud deployment models, but provision must only be from data centres empanelled by MeitY.

AML / KYC

US: ABA Warns Against Liability Shift for Fraudulent P2P Payments

04/11/2022

Making banks liable for customer-initiated P2P transfers that result from fraud will harm consumers and competition, embolden scammers, and ultimately increase fraud rates.

ESG / Sustainability

ECB Sets New Deadlines for Managing Climate & Environmental Risks

04/11/2022

The deadlines will be closely monitored and, if necessary, enforcement action will be taken, the ECB said, adding that bank capital requirements are already being affected.

Market Infrastructure

Hong Kong to Subject Foreign Investment Gains to Profits Tax

02/11/2022

A new LegCo bill will require MNE entities in Hong Kong to pay profits tax on foreign equity disposals and dividend income, unless they are specifically exempted.

Capital / Liquidity

Financial Groups Pledge Capital to Stabilise Korean Markets

01/11/2022

KRW 95 trillion will ultimately be channeled by 5 financial groups into corporate bonds, other debt securities, state firms, and small merchants and businesses.

Crypto / Digital Assets

SFC Considers Allowing Retail Access to Crypto, Starting with ETFs

01/11/2022

ETFs with crypto exposure through CME-listed BTC and ETH futures can be distributed to Hong Kong retail clients. The “professional investor only” requirement is under review.