International

Sanctions

MOEX Set to Start Listing ‘Replacement Bonds’ – Report

By Editors | 31/08/2022

Replacement bonds are intended to help Russian companies replace Eurobond issuances that are no longer serviceable due to sanctions.

Capital / Liquidity

Financial Stability Institute Publishes Paper on LEX Standard

By Editors | 30/08/2022

The large exposures standard seeks to monitor and limit the loss an internationally active bank can face from a single client or a group of connected counterparties.

AML / KYC

US Lawmaker Seeks Clarity on Tornado Cash Sanctions

By Editors | 28/08/2022

US Congressman Tom Emmer says the designations against Tornado Cash wallet addresses are a “divergence from previous OFAC precedent”.

ESG / Sustainability

Global Banks Worry of Extraterritoriality in EU’s CSRD – Report

By Editors | 28/08/2022

CSRD is “off-putting” for banks’ clients, as it would subject foreign companies to the full set of rules if they list even a single instrument in the EU.

Capital / Liquidity

Canada OFSI Issues Guidance on Bank Treatment of Crypto

By Mark Johnston | 28/08/2022

OFSI provides no recognition (i.e., a 100% haircut) for Group 2 cryptoassets held as collateral, but is seeking views on hedging practices that could warrant a lower haircut.

Securities / Derivatives

BOE Confirms Plans to Remove USD LIBOR Contracts from DCO

By Editors | 26/08/2022

The BOE will add SOFR overnight index swaps to the scope of contracts subject to the derivatives clearing obligation and remove USD LIBOR contracts in April 2023.

AML / KYC

Wolfsberg Group Issues Guidance on Correspondent Banking RFIs

By Editors | 24/08/2022

When used to its “fullest potential”, the RFI process can provide insights into how respondents’ AML/KYC programmes work in practice.

Sanctions

MOEX Stops Accepting USD as Collateral in FX, Securities Markets

By Editors | 24/08/2022

Russian authorities have been actively looking to reduce domestic reliance on the currencies of so-called ‘unfriendly’ nations.

ESG / Sustainability

IMF Issues Staff Note on Mobilising Climate Finance

By Editors | 23/08/2022

The IMF staff note explores the factors that limit climate finance and what policymakers can do to address them, particularly in emerging market and developing economies.