Market Infrastructure

European Commission Drafts Decision on UK Clearinghouse Equivalence

13/12/2018

The European Commission’s draft provides the legal means to grant UK clearinghouses equivalence rights in the EU for 12 months in a no-deal Brexit scenario.

Capital / Liquidity

IMF Commends Hong Kong for Strong Buffers, Robust Policy Frameworks

12/12/2018

Years of prudent macroeconomic policies and robust financial regulation and supervision will help Hong Kong weather possible domestic and external shocks, the IMF says.

Fintech / Regtech

NAB to Migrate Core Banking Systems to Cloud

12/12/2018

National Australia Bank plans to migrate more than 300 applications, including some core banking systems, to a public cloud by the end of 2019.

Big Picture

Cyber Risk, Brexit Among Top Threats for 2019 – Survey

11/12/2018

Cybersecurity, geopolitical risks and Brexit were found to be the top three risks with possible systemic consequences for 2019, according to a new survey by DTCC.

AML / KYC

Hong Kong Asked to Bolster Sanctions Enforcement Amid Huawei Dispute

11/12/2018

US officials have asked Hong Kong to bolster sanctions enforcement as Huawei’s deputy chairwoman stands accused of violating Iran sanctions through a Hong Kong shell company.

Fintech / Regtech

Australia Passes ‘Deeply Flawed’ Anti-Encryption Bill

11/12/2018

The powers granted under the bill allow law enforcement agencies to compel access to encrypted messages, which could have broader implications for financial services.

Market Infrastructure

Industry Bodies Seek Clarity on Temporary Recognition of UK CCPs

10/12/2018

ISDA, FIA, AFME and ICMA have written to the European Commission asking for greater clarity on proposed temporary equivalence and recognition of UK-based CCPs in a no-deal Brexit.

Capital / Liquidity

SFC Revised Code for Funds to Take Effect from January 2019

07/12/2018

Amended ‘Code on Unit Trusts and Mutual Funds’ to take effect in January with 12-month transition period. Proposals on classification of derivatives funds have been revised.

Market Infrastructure

SEBI Issues Cybersecurity Framework for Brokers, Depository Participants

04/12/2018

Stockbrokers and depository participants will have to formulate a comprehensive cyber security and cyber resilience policy document in accordance with the guidelines by April 2019.