MARKET INFRASTRUCTURE

Big Picture

Asian Benchmark Administrators Face ‘Perfect Storm’ in 2021

By Manesh Samtani | 17/12/2019

The BMR transition period is now scheduled to end alongside LIBOR’s discontinuation, creating a “perfect storm” of regulatory change for benchmark administrators and users at end-2021.

Fintech / Regtech

FSC Korea Grants Preliminary Approval to Third Internet-only Bank

By Editors | 17/12/2019

Led by mobile money transfer app operator Viva Republica, the Toss Bank consortium expects to commence operations as an internet-only bank during the first six months of 2021.

Market Infrastructure

APRA Delays Implementation of Product Responsibility under BEAR

By Editors | 16/12/2019

APRA will delay finalising its consultation on the product responsibilities under BEAR to align with the government’s proposed extension of the accountability regime.

Securities / Derivatives

IOSCO Unveils Framework for Monitoring Leverage-related Risks in Funds

By Editors | 16/12/2019

IOSCO has developed a framework for monitoring leverage across all types of investment funds globally, to help regulators assess leverage-related risks that can undermine financial stability.

Market Infrastructure

ASIC Increases Scrutiny on Audit Practices as Quality Drops

By Editors | 16/12/2019

ASIC’s latest inspection results show that audit firms did not obtain the required assurance in 26% of examined key audit areas, particularly in the audit of revenue and non-financial asset impairment.

Market Infrastructure

TMA Publishes Consultation Conclusions on HONIA Enhancements

By Editors | 16/12/2019

HONIA will continue to be calculated based on data from the existing five contributing money brokers for now, but the reporting window will change to 8:00-16:00.

Market Infrastructure

HKEX Finalises Enhancements to Pre-Opening Session, Volatility Controls

By Editors | 16/12/2019

The enhancements to the pre-opening session will be adopted in the second quarter of 2020. The stock-level volatility control mechanism will be expanded in the second half of 2020.

Market Infrastructure

UK Senior Managers Regime Now Covers All FCA Regulated Firms

By Editors | 13/12/2019

All FCA regulated firms, including asset managers and hedge funds, now have to comply with the SM&CR, including for senior managers and key risk-takers hired at overseas branches.

Market Infrastructure

MAS Forms Culture and Conduct Steering Committee for Insurance

By Editors | 13/12/2019

The steering committee will monitor trends and identify emerging issues, and collaborate with MAS on initiatives to promote strong culture and conduct in Singapore’s insurance industry.