HKMA says audit functions must be separate from risk and compliance; will only allow outsourcing ‘under very limited circumstances’.
Move is part of President Moon Jae-in’s Chaebol clean-up campaign, follows proposal to make agencies liable for ‘defective ratings’.
Regulator says prime brokerage a growing revenue stream for institutions as Hong Kong’s asset management, hedge fund sectors expand.
Central bank says many firms representing as technology providers are in fact providing finance for clients who can’t access conventional resources.
MMFs will face more enforceable requirements than other portfolios, including rules on average maturity, 1-day/5-day redemption.
Central bank governor says rules will be relaxed so inbound investment, private sector foreign currency borrowing require reporting, not registration.
Why fintech (financial technology) sandboxes aren’t necessarily the child’s play they’ve been made out to be by banks and disrupters alike.
Step-in risk guidelines due to be implemented by 2020 will require reporting rather than additional liquidity or capital charges.
Central bank says Aadhar cards must be linked to bank account; proposed credit registry to be open to ‘all stakeholders’.
Current 20% RRR is one of the highest in the world; capital market development to focus on fixed income and repo markets.