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The measures include a 3 month moratorium on term loans, deferred interest on working capital loans, $50bn of liquidity measures, and 6-month delays for NSFR, CCB and LEI implementation.

Eight additional entities are proposed to be included on the list of Financial Services Providers under the OTC derivatives clearing regime.

Insurance asset management products may not invest more than 35% of net assets in shadow banking assets, and may not invest in commercial banks' credit assets directly.

The new regime will be deferred until at least March 2021, allowing financial advisers to focus on helping their clients, staff and families during "this difficult time", the FMA says.

The government will allow individuals in financial stress to access superannuation savings, but may have underestimated the ability of super funds to meet withdrawals.

A Seoul court has granted an injunction against FSS sanctions that would have prevented chairman Sohn Tae-seung from seeking another term at Woori Financial Group.

The reforms are said to be in part aimed at shielding the Ministry of Finance from risk. The Ministry is the largest shareholder of each of the national AMCs.

The SFC reminds managers, trustees, custodians and intermediaries of funds to look out for clients interests amid "unprecedented volatility across asset classes".

Brokers are no longer required to liquidate client holdings, make margin calls, or impose haircuts on collateral if client equity balances fall below 130%.

The government has also asked the RBI to consider implementing a months-long moratorium on the debt repayments and to relax NPA classification norms.