Operational Risk

Structural Regulation

Banks Must Ensure LIBOR Transition Work is Complete: RBI

By Editors | 14/05/2023

No new transactions should be undertaken using USD LIBOR or MIFOR, and appropriate fallbacks must be in place in legacy contracts.

Trading & Investment

HKEX May Allow Market to Remain Open During Typhoons

By Editors | 12/05/2023

A working group from HKEX and the HKMA is reportedly drafting a plan to allow trading to continue as normal during typhoons and rainstorms.

Cybersecurity

RBNZ Proposes to Collect More Data on Cyber Incidents

By Editors | 09/05/2023

The RBNZ proposes to introduce mandatory reporting of all material cyber incidents within 72 hours, and periodic reporting of non-material incidents.

Credit Risk

Hong Kong Financial System Remains Resilient: IMF Staff

By Editors | 07/05/2023

IMF staff said credit risk will “likely continue to materialise”, and banks should properly recognise and provision for credit losses, including those from Mainland property exposures.

Liquidity Risk

China: AMAC Proposes Additional Requirements for Private Securities Funds

By Editors | 07/05/2023

PE funds must have at least 10mn yuan under management to remain in operation. Firms with more than 2bn yuan under management will have to undergo regular stress tests.

Operational Risk

MAS Imposes Additional Capital Surcharge on DBS for Outages

By Editors | 05/05/2023

A new disruption on 5 May prevented users from accessing digital banking, mobile wallet, brokerage, and ATM services.

Cybersecurity

Singapore, US Run Cross-border Cybersecurity Exercise

By Editors | 02/05/2023

US Treasury and MAS tested information exchange protocols and incident response coordination for cyber incidents involving banks operating in both jurisdictions.

Supervision & Enforcement

APRA, AFCA Sign MoU on Information Sharing and Cooperation

By Editors | 02/05/2023

The MoU sets out the basis for engagement between APRA and AFCA, including information sharing and other forms of cooperation and coordination.

AI Risk & Governance

US Agencies Pledge to Combat Harmful Uses of AI

By Editors | 30/04/2023

Four agencies reaffirmed their commitment to “vigorously enforce their collective authorities and to monitor the development and use of automated systems.”