Market Infrastructure

Hong Kong to Introduce Corporate Rescue Regime Next Year

03/12/2020

Shareholders, secured creditors, unsecured creditors and employees of distressed companies will all end up with better outcomes under the proposed corporate rescue procedure.

Securities / Derivatives

CSRC Investigates SOE and Auditor Over Bond Default

03/12/2020

SOE defaults could pave the way for increased transparency, faster resolutions and more predictable outcomes for investors in the long run.

Big Picture

MAS Urges Underwriting Prudence as Credit Risks Rise

03/12/2020

Banks should maintain prudent credit underwriting standards and continue to actively manage foreign currency risks, MAS says in its financial stability review.

Market Infrastructure

MAS Proposes to Make Data Breach Offences Compoundable

03/12/2020

MAS would be able to take tougher actions against breaches that do not meet the threshold of a criminal prosecution but call for stronger penalties.

AML / KYC

The Increasing Reliance on Data for Sanctioned Securities Screening

02/12/2020

The onus often falls on FIs to uncover any links between sanctioned entities and potentially related securities, which can involve a significant data challenge.

Market Infrastructure

MAS Revises Anti-commingling Framework For Banks

02/12/2020

MAS has prescribed a list of permissible non-financial businesses to ensure banks are not engaging in “high-risk non-financial business that do not bring strategic value to its core banking business”.

Market Infrastructure

Some USD LIBOR Settings May Continue Past End-2021

01/12/2020

ICE Benchmark Administration intends to continue publishing some tenors of USD LIBOR until end-June 2023, which could allow time for most legacy contracts to mature.

Fintech / Regtech

Singapore E-wallets to Gain Direct Access to FAST, PayNow

30/11/2020

Consumers will be able to top-up their e-wallets directly through their bank accounts, rather than using a debit or credit card. Fund transfers between e-wallets will also be made possible.

Securities / Derivatives

HKEX Proposes to Raise Profit Requirement for New IPOs

30/11/2020

One option HKEX proposes is to raise the profit requirement for companies seeking to list in Hong Kong threefold, reflecting the growth of the Hang Seng Index since 1994.