This list presents the most-read new stories published by Regulation Asia in 2021, based on aggregated user traffic analytics.
FATF President Calls for Rethink of Regulatory Culture (9 Apr 2021)
Dr Marcus Pleyer says supervisors and compliance officers in banks and companies mostly still take a basic tick-box approach.
FCA Formally Announces Intended Cessation Dates for LIBOR (8 Mar 2021)
ISDA has confirmed that the FCA’s announcement constitutes an index cessation event and that the spread adjustment to be used in fallbacks has been fixed.
China, UAE Join HKMA-BOT Initiative to Create CBDC Bridge (24 Feb 2021)
The project, now called ‘m-CBDC Bridge’, will seek the development of a prototype to facilitate real-time cross-border transactions using multiple CBDCs.
HKMA Issues Draft Guideline for Banks on Climate Risk Management (23 Jul 2021)
The guideline includes expectations on governance, strategy, risk management and disclosure. The HKMA plans to allow a 12-month period for implementation.
Japan Banks to Deploy Shared System for AML/CFT Monitoring (23 Jul 2021)
The FSA’s Hiroshi Ozaki said the banking sector is planning to deploy a shared transaction monitoring and screening system for AML/CFT across the industry.
HKMA Targets Effectiveness in Addressing AML, Fraud risk (22 Jul 2021)
HKMA Executive Director Carmen Chu highlights the need for transformation and collaboration to combat new AML and fraud challenges in the digital era.
Japan Proposes Mandatory Climate Risk Disclosures (6 Sep 2021)
FSA to replace the ‘comply or explain’ model to help tackle climate change and give investors more insight on leading companies.
Hong Kong to Bar Retail Investors from Crypto Trading (24 May 2021)
Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.
Close-out Netting Can Be Guaranteed in Resolution: CBIRC (22 Apr 2021)
Recent bankruptcies by FIs have “fully proved” that close-out netting can be guaranteed in the resolution stage, a CBIRC official said at ASIFMA’s China Capital Markets Week.
SFC Calls on Industry to Report Suspected Ramp-and-dump Activity (27 Jul 2021)
Ramp-and-dump scams now account for about half of the market manipulation cases being investigated, says the SFC’s Jimmy Tong.
MAS Offers New AML/CFT Guidance for VASPs (29 Mar 2021)
MAS has identified several VASPs that have not come forward for licensing despite operating in Singapore or soliciting business from Singapore residents.
BNM Finalises ‘Climate Change and Principle-based Taxonomy’ (3 May 2021)
The document introduces a progressive system of transition categories to acknowledge concrete efforts and commitments by businesses to adopt sustainable practices.
HKMA Sets Out ‘Four Actions’ to Realise Regtech 2025 Vision (2 Jul 2021)
At the HKMA’s flagship regtech conference, Eddie Yue outlined the initiatives underway to promote regtech adoption, including to explore a corporate version of iAM Smart.
Singapore Money Remittance Sector Poses High TF Risk: MAS (12 Jan 2021)
Singapore’s money remittance sector poses the highest risk of being exploited for terrorism financing, followed by the banking sector.
Philippine AMLC to Penalise Firms for Incorrect STR Filings (24 May 2021)
AMLC Executive Director Mel Georgie Racela told Regulation Asia that incorrect STR filings identified in a recent review will result in supervisory action.
MAS to Expand Scope of Mandatory Reference Check Regime (17 May 2021)
MAS proposes to expand the scope of FIs and employees subject to the mandatory reference checking regime. FIs will have to maintain records for all employees.
ECB Identifies Internal Model Deficiencies at Big Banks (25 Apr 2021)
The changes to correct the deficiencies will result in an overall absolute increase in risk-weighted assets of about EUR 275 billion.
Known Applicants for Malaysia Digital Bank Licences (11 Jul 2021)
The applicant groups include Grab, Singtel, Axiata Digital, RHB Bank, iFAST Corp, Bangkok Bank, BigPay, Sea Group, AEON Credit Service, Pertama Digital, and others.
SEBI to Introduce Optional T+1 Settlement Cycle from January (8 Sep 2021)
Stock exchanges may choose to offer T+1 settlement on any scrip, after providing the market advance notice of at least one month.
MAS Grants “In-Principle Approval” to First DPT Provider (2 Aug 2021)
MAS has clarified that notices have been issued to several applicants and that “in-principle approval” is not an official term.
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