To register passport funds that can be offered in overseas markets, fund managers in Korea must have at least $500mn under management and meet a $1mn minimum capital requirement.
Without coordinated action, a new global financial crisis triggered by climate change would render central banks and financial supervisors powerless.
The Digital Dollar Project is a multi-stakeholder initiative to explore options for creating a US dollar CBDC, which would coexist with other Federal Reserve liabilities.
The new system covers 5 years of financial records, compared to 2 previously, including information on borrowers' employment status, co-borrowing records, and utility payment history.
Non-bank financial intermediation posing bank-like financial stability risks grew by 1.7% in 2018, significantly slower than the 2012-2017 average annual growth rate of 8.5%.
TMA published feedback from market participants on HONIA as the successor to HIBOR in late December but unlike its US counterpart SOFR, Asian businesses are taking time to adapt.
FSA commissioner Toshihide Endo wants struggling regional lenders to engage with customers and help them grow, as a way to boost bank profitability and regional economies.
While welcoming the SFC's front-loaded regulatory approach, the Process Review Panel says the regulator should be aware of its possible unintended effects and consider ways to minimise them.
Market makers have until 2 March to adopt SONIA as the market convention for issuing sterling interest rate swaps, and until Q3 to end all new issuances of LIBOR-based cash products.
Under the agreement, the December timeline for China's removal of foreign ownership limits in the securities sector is brought forward to April.