Market Infrastructure

Market Infrastructure

Singapore Finalises Tax Framework for VCCs

By Editors | 07/08/2019

An umbrella VCC needs to file a single corporate income tax return, regardless of the number of sub-funds. GST and stamp duty will be applied at the sub-fund level.

Market Infrastructure

MAS Mandates Baseline Requirements on Cyber Hygiene

By Editors | 07/08/2019

The legally binding cyber hygiene requirements must be implemented by all MAS regulated financial institutions by 6 August 2020.

Market Infrastructure

SGX-NSE GIFT City Trading Link Receives Regulatory Approval

By Editors | 07/08/2019

The so-called ‘NSE IFSC-SGX Connect’ is set to become operational by end-2020, ending a dispute between the two exchanges.

Market Infrastructure

RBNZ Consults on New Regulatory Regime for FMIs

By Editors | 07/08/2019

The RBNZ is consulting on a draft bill that sets out New Zealand’s new regulatory regime for financial market infrastructures.

Market Infrastructure

Cayman ‘Economic Substance’ Rule Hits Hong Kong Hedge Funds

By Editors | 06/08/2019

The new rule requires investment managers to demonstrate ‘economic substance’ in Cayman to continue operating by setting up offices, moving teams over or outsourcing activities to local firms.

Market Infrastructure

Indonesia to Ease Rules on Bank Mergers, Including for Foreign FIs

By Editors | 06/08/2019

The rules currently require acquiring banks to merge all their local operations into a single entity, but this has proved unpopular among foreign lenders seeking to expand Indonesia operations.

Market Infrastructure

Morgan Stanley, JP Morgan Take Control of China JVs

By Editors | 06/08/2019

Morgan Stanley has become the latest foreign firm to control a securities JV in China, while JP Morgan becomes the first foreign firm to own a majority stake in an asset management JV.

Market Infrastructure

Japan: Security Failures Force New Payments Service to Shut

By Editors | 06/08/2019

The security breach saw more than 38mn yen stolen from more than 800 accounts in the days after the July launch of a new mobile payment service for convenience stores.

Market Infrastructure

RBI Tightens Criteria for Board Appointments at State Banks

By Editors | 05/08/2019

The revised criteria for determining the ‘fit and proper’ status of proposed candidates include age, education, experience, and track record, among other criteria.