CBIRC Tightens Rules for Major Shareholders of Banks, Insurers

17/10/2021

The rules prohibit major shareholders from concealing their equity relationships, interfering with operations, and engaging in connected transactions.

ESG / Sustainability

HK Regulators Offer Support for New Climate Action Plan

13/10/2021

The Green and Sustainable Finance Cross-Agency Steering Group pledges support for the government’s Climate Action Plan 2050.

Market Infrastructure

FSB Offers Policy Toolkit to Address MMF Vulnerabilities

12/10/2021

Enhancing MMF resilience will help address systemic risks and minimise the need for central bank interventions to support the sector, the FSB said.

Securities / Derivatives

HKMA, SFC Outline Expectations on Sale of ILS Products

11/10/2021

The circular follows the $30mn issuance of Hong Kong’s first catastrophe bond by Greater Bay Re, a state-sponsored special purpose vehicle.

Enforcement

FATF Re-rates China on Six Recommendations

10/10/2021

The FATF acknowledges work underway to revise China’s AML laws to bring DNFBPs into scope and set a foundation for a new beneficial ownership regime.

Market Infrastructure

Global Tax Reforms Finalised, Implementation Set for 2023

10/10/2021

Six holdouts from July including Ireland have now joined the global agreement to introduce a 15 percent minimum corporate tax rate globally.

AML / KYC

New Zealand Consults on Broad Changes to AML/CFT Act

07/10/2021

Changes being considered include the introduction of a new registration regime for all AML/CFT businesses, a licensing regime for VASPs, and direct penalties for senior managers.

Market Infrastructure

Hong Kong Announces Initiatives to Bolster Financial Hub Status

07/10/2021

Chief Executive Carrie Lam announced measures to improve the stock market listing regime and enable RMB-denominated securities in Hong Kong.

Fintech / Regtech

BIS Partners with MAS, BOE, ISDA on Data & Analytics Platform

07/10/2021

Project Ellipse explores the use of ISDA’s Common Domain Model to digitally extract, query and analyse large quantities of data in real-time for supervisory purposes.