Markets & Infrastructure

Structural Regulation

EU Commission Seeks to Further Extend Transition Period for Third-country Benchmarks

By Manesh Samtani | 20/07/2023

The European Commission says the extension is necessary to avoid destabilising the asset management sector and financial stability risks.

Structural Regulation

Deposit Caps Raised for Singapore Digital Banks GXS, Maribank

By Editors | 19/07/2023

Grab’s GXS Bank and Sea’s Maribank have both increased the maximum deposit allowed in savings accounts from S$5,000 to S$75,000.

CBDCs

Total e-CNY Transactions Reach ¥1.8tr in China

By Mark Johnston | 19/07/2023

China’s digital yuan is gaining traction in domestic transactions, including in the aviation sector and in a Hong Kong shopping festival.

Payments & Settlements

Hong Kong to Launch New eMPF Platform in Q2 2024

By Sanday Chongo Kabange | 19/07/2023

Software development was largely completed in June. Testing will be completed within this year. Migration will commence in Q2 2024.

AI Risk & Governance

Chinese Authorities Release New Rules for Providers of Generative AI Services

By Editors | 19/07/2023

The rules require training data to be accurate, generated content to be properly labelled, security assessments to be performed, and channels for complaints reporting to be established.

Conduct, Culture & Accountability

Deloitte Australia’s CEO Admits to Being Overpaid in Public Hearing

By Editors | 19/07/2023

Deloitte Australia’s CEO Adam Powick told a Senate committee his position is not worth a salary that is seven times that of the prime minister’s.

Structural Regulation

Philippines: Bill to Establish Sovereign Wealth Fund Becomes Law

By Editors | 18/07/2023

The Maharlika Investment Fund still faces criticism amid expectations that it will propel economic growth and help attract foreign investors.

Structural Regulation

China’s AMAC Revises Rules for Private Equity Asset Management Plans

By Editors | 18/07/2023

The measures aim to refocus the private equity industry’s attention back to its core operations, minimise potential conflicts of interest, and facilitate the growth of the industry.

Conduct, Culture & Accountability

Australia: Big 4 Accused of Operating ‘Beyond the Law’

By Editors | 18/07/2023

Former KPMG partner Brendan Lyon called for changes in how the accounting profession is regulated to restore public trust and ensure integrity in financial reporting.