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Market Infrastructure
BOJ, FSA Again Urge FIs to Step Up Preparation for LIBOR Transition
By Editors | 23/07/2020
Financial institutions are urged to continue to take the necessary steps to ensure a smooth transition from LIBOR, even as they allocate resources to support Japanese businesses and households.
Fintech / Regtech
CBIRC Issues Final Rules for Banks Engaged in Online Lending
By Editors | 23/07/2020
Online loans by banks should generally not exceed a one year term or 200,000 yuan per household. Banks must ensure loan proceeds are not used for property or risky investments.
Capital / Liquidity
Korean Regulators Approves K Bank Recapitalisation Plan
By Editors | 23/07/2020
K Bank’s recapitalisation plan was halted last April, forcing Korea’s first internet-only bank to stop offering loan products. It is now looking to regain ground lost to Kakao Bank.
ESG / Sustainability
Inconsistent Data Hindering Quantification of Climate Risks: FSB
By Manesh Samtani | 22/07/2020
Multiple layers of uncertainty on the course of climate change give rise to a lack of consistent data and methodologies for translating potential outcomes into financial exposure estimates.
AML / KYC
BNM Issues Draft Rules on Merchant Acquiring Services
By Editors | 22/07/2020
The exposure draft sets out regulatory requirements for merchant acquiring services to ensure proper risk management amid rapid changes in the e-payments landscape.
Market Infrastructure
Refinitiv Launches Term SONIA Reference Rate Prototype
By Editors | 22/07/2020
Refinitiv’s announcement follows the launch of a beta version of term SONIA reference rates by ICE Benchmark Administration earlier this month.
Fintech / Regtech
FSC Korea Targets Fair Competition, Data Safeguards for Financial Sector
By Editors | 22/07/2020
FSC chairman Eun Sung-soo is eyeing regulatory reforms to ensure fair competition, data security, and consumer protection as bigtechs enter financial services.
Market Infrastructure
Bloomberg Begins Publishing IBOR Fallback Rates for Derivatives
By Editors | 21/07/2020
The calculations being published include the adjusted RFRs, the spread adjustment and the ‘all in’ IBOR fallback rates for certain key IBORs across various tenors.
AML / KYC
MAS Seeks Expanded Powers to Address Financial Sector Risks
By Manesh Samtani | 21/07/2020
MAS proposes to expand its powers to issue prohibition orders, regulate virtual asset service providers, and impose technology risk management requirements on firms.
Market Infrastructure
Australia Extends Coronavirus SME Guarantee Scheme
By Editors | 20/07/2020
With the extension, the government is expanding the allowed purpose of the loans, increasing the maximum loan size and duration, and allowing secured lending and repayment holidays.
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