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KYC & CDD
Singapore: Exemptions for Foreign Offices of FIs Take Effect
By Editors | 10/10/2021
Under the new ‘Branch Framework’, Singapore FIs have to assess whether their overseas representatives are acting on behalf of the Singapore office or the foreign office.
Structural Regulation
Global Tax Reforms Finalised, Implementation Set for 2023
By Manesh Samtani | 10/10/2021
Six holdouts from July including Ireland have now joined the global agreement to introduce a 15 percent minimum corporate tax rate globally.
DeFi & Web3
Malaysia SC Orders Decentralised Exchanges to Halt Operations
By Mark Johnston | 10/10/2021
Entities interested in operating a decentralised exchange in Malaysia should apply to be registered as an RMO, the SC said.
Payments & Settlements
SEBI to Stop Use of Pool Accounts for Mutual Fund Transactions
By Editors | 10/10/2021
From 1 April 2022, investor money should be directly credited to the bank account of the mutual fund scheme when an investor purchases units.
Stablecoins
FSB Takes Stock of Progress to Regulate ‘Global Stablecoins’
By Mark Johnston | 08/10/2021
The FSB highlights concerns that new regulatory regimes for global stablecoins could give rise to regulatory arbitrage and harmful market fragmentation.
Trading & Investment
SFC, HKMA Release Findings on Investment Product Sales
By Editors | 08/10/2021
Firms sold investment products with an aggregate transaction amount of HKD 5.7 trillion during 2020, with the participation of over 700,000 investors.
Trading & Investment
Taiwan: Twelve Fund Managers to Receive Policy Concessions
By Darien Choong | 08/10/2021
Under two separate initiatives, eight foreign fund managers and four investment trust companies will receive preferential treatment for one year.
Operational Risk
Mizuho Experiences Eight System Glitch for the Year
By Editors | 08/10/2021
The system failure affected 387 transactions for foreign exchange trades. Mizuho is required to submit a report on its IT systems to the FSA by 29 October.
Conduct, Culture & Accountability
BOT Issues Guidelines for Banks on Fair Lending
By Pongnut Thanaboonchai | 08/10/2021
The BOT sets out six steps for ensuring equitable lending practices, from the development of lending products to the sale of debts to other creditors.
Payments & Settlements
CPMI Calls for Solutions to Expand PvP Settlement
By Editors | 08/10/2021
Banks and fintechs are invited to share their views on potential solutions to expand PvP settlement to further mitigate FX settlement risk in global markets.
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