The Limited Partnership Fund Bill will be seen by PE industry stakeholders as a positive step towards bringing Hong Kong’s active PE market onshore, says international law firm Deacons.
The implementation date of the outstanding Basel III standards will be deferred by one year to 1 January 2023 to free up operational capacity for banks and supervisors.
The measures include a three-month moratorium for all term loans, deferred interest on working capital loans, $50bn worth of liquidity measures, and 6-month delays for NSFR and CCB implementation.
Eight additional entities are proposed to be included on the list of Financial Services Providers under the OTC derivatives clearing regime.
Insurance asset management products may not invest more than 35% of net assets in shadow banking assets, and may not invest in commercial banks' credit assets directly.
The new regime will be deferred until at least March 2021, allowing financial advisers to focus on helping their clients, staff and families during "this difficult time", the FMA says.
The government will allow individuals in financial stress to access superannuation savings, but may have underestimated the ability of super funds to meet withdrawals.
A Seoul court has granted an injunction against FSS sanctions that would have prevented chairman Sohn Tae-seung from seeking another term at Woori Financial Group.
The reforms are said to be in part aimed at shielding the Ministry of Finance from risk. The Ministry is the largest shareholder of each of the national AMCs.
The SFC reminds managers, trustees, custodians and intermediaries of funds to look out for clients interests amid "unprecedented volatility across asset classes".