Market Infrastructure

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.

VCCs are required to engage an Eligible Financial Institution, or EFI, to perform necessary AML/CFT checks and maintain the register of controllers, nominee directors and beneficial owners.

HKMA executive director Alan Au says banks generally agree with the need to foster sound bank culture and have been implementing a range of culture enhancement initiatives.

The lack of legal certainty and judicial recognition on close-out netting can impede capital market development in China, impacting domestic FIs the most, ISDA's Scott O'Malia said.

Every Malaysian aged 18 years and above, and earning less than 100,000 ringgit a year, is eligible to receive a one-off 30 ringgit through one of three e-wallet companies.

To mark the launch, 20 investment funds have established or re-redomiciled in Singapore as VCCs. To encourage adoption, MAS will fund up to 70% of eligible expenses to set up a VCC.

Foreign investors will be subject to the CFIUS national security review process even for deals to take a non-controlling interest in certain US companies.

To reap the benefits of new technologies to develop markets and expand financial inclusion, the security of information and communications technologies must be ensured.