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Structural Regulation
The Ties That Bind: Market Connectivity Continues to Increase Despite Opposing Rhetoric
By Larry Thompson | 30/05/2018
Whether it is geopolitical tensions in North Asia, the UK’s exit from the European Union or new U.S. trade policies, globalisation would appear to many to be in retreat in many regions of the world — but this is not the case in financial markets.
Data Privacy
Regulators to the Rescue: MAS and the Drive to Ease the Data Reporting Burden
By Swati Kothari | 30/05/2018
MAS has unveiled its roadmap for the transformation of the collection of data from financial institutions. And while there may be clear benefits, providing all data in machine readable format by MAS’ planned deadline will be challenging.
Emerging Prudential Risks
PBOC Launches Financial Statistics Inspections at Banks, NBFIs
By JP Reimann | 30/05/2018
Six-month central bank inspections to focus on quality of financial information as part of plan to unify statistical management operational mechanisms.
Data Privacy
China’s First Private Credit Scoring Firm Starts Operation
By Karen Chiu | 25/05/2018
Baihang Credit Scoring has become the first private credit-scoring firm in China, licensed by PBOC and backed by NIFA as well as 8 credit firms including Tencent Credit and Alibaba’s Sesame Credit.
Data Privacy
MAS Issues Revised Data Submission Rules for FIs
By JP Reimann | 23/05/2018
Revised requirements including increased granularity and rationalisation of data in submissions; set to take effect on 1 October 2020.
Data Privacy
GDPR – Frankenstein’s Monster of Regulation
By Peter Lancos | 22/05/2018
Given the 25 May go-live date, financial institutions in Asia need to immediately consider their obligations under GDPR, which will apply to any firm with clients or employees who are EU citizens.
Cybersecurity
MAS Eyes Greater Financial Sector Resilience to Cyber Threats
By Manesh Samtani | 21/05/2018
Consultation to be issued “soon” on raising cyber resilience at financial institutions in Singapore; rules to include internal controls, independent reviews, authentication practices.
Structural Regulation
ASIFMA: HK Financial Secretary Lauds China as Global Standards Setter
By JP Reimann | 17/05/2018
James Lau said China is becoming a pioneer in setting global standards with an “open and supportive regulatory environment”; HK a “premier listing platform” for mainland enterprises.
Structural Regulation
IOSCO Meets to Discuss Investor Protection, Emerging Risks
By JP Reimann | 15/05/2018
Board to develop support framework to help members address impact of ICOs on investor protection; agree to launch ‘Fintech Network’ to facilitate collaboration on fintech.
Data Privacy
Open Banking: Aussie Banks to Share Customer Data Starting in 2019
By Garima Chitkara | 14/05/2018
The Australian government is set to mandate Open Banking, requiring banks to provide data to other service providers to help customers compare banking service costs.
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