Asia-Pacific

The BSP will be empowered to designate a payment system as systemically important, and replace its operator for a failure to satisfy regulatory obligations.

The CBSL will provide credit guarantees ranging from 80% for smaller loans to 50% for larger loans issued to businesses affected by Covid-19.

The Philippine Stock Exchange currently has three independent directors on its 15-seat board. Under the proposed rules, a majority of the directors will have to be independent.

Non-bank operators can apply for a new licence to issue e-money in foreign currencies for customer payments for cross-border goods and services.

The six-month deferral is intended to give FIs more time to prepare for implementation, given the impact of the Covid-19 pandemic.

Malaysia will extend its short-selling ban until year-end; Thailand will continue using the uptick rule until end-September; Korea's short-selling ban is due to expire in mid-September.

A feasibility study on commodity futures trading is being conducted by the securities regulator and Chinese conglomerate Ruifeng Tianfu Investment.

The amount of cash reserves offshore banking units and NBFIs need to maintain at the central bank has been reduced.

Commercial banks are asked to draw up new capital management plans for the next 1-3 years, taking into account expected economic and business trends following the pandemic.

The 2010 crisis liquidity programme has been revised to reinforce financial support, create additional flexibility, and introduce conditionality.