[China]
New rules to help lenders reduce risks
China Daily, 9 Oct 2020
China has issued new
rules that seek to improve the ability of the country's global systemically
important banks (G-SIBs) to absorb losses and adhere to the global regulatory standards
on capital adequacy and liquidity by Jan 1, 2025, as part of the ongoing
efforts to prevent systemic financial risks. The new policy will help China's
G-SIBs, or banks that are deemed "too big to fail", to make the
necessary plans to satisfy the Basel capital adequacy rules and help develop a
multilevel capital market.
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[Hong Kong] Circular to
Money Service Operators Anti-Money Laundering / Counter-Terrorist Financing (1) United Nations Sanctions (ISIL and Al-Qaida)
Regulation (2) UNATMO (3) the DRC Amendment Regulation (4) the South Sudan
Amendment Regulation
C&ED
Circular, 9 Oct 2020
Hong Kong Customs and
Excise Department issued a circular regarding the
updated list of “individuals, groups, undertakings and entities” under the
United Nations Sanctions (ISIL and Al-Qaida) Regulation and the updates of the
list specifying terrorists and terrorist associates designated by the UNSC
under the United Nations (Anti-Terrorism Measures) Ordinance. The circular also
informs MSOs on the implementation of sanctions against the Democratic Republic
of the Congo under ‘The United Nations Sanctions (Democratic Republic of the
Congo) Regulation 2019 (Amendment) Regulation 2020’ and sanctions against South
Sudan under ‘The United Nations Sanctions (South Sudan) Regulation 2019
(Amendment) Regulation 2020’. MSOs are also reminded to refer to Chapter 6 of
the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism.
Full text:
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[China]
PBOC cuts shorting costs to curb surging yuan
The
Standard, 12 Oct 2020
China's
central bank said it will lower the reserve requirement ratio for financial
institutions when conducting some foreign exchange forwards trading to zero
with effect from today. Under current rules, financial institutions must set
aside 20 percent of the previous month's yuan forwards settlement amount as
foreign exchange risk reserves.
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[Hong Kong] Applicable
Jurisdictional Countercyclical Capital Buffer (CCyB) Ratio for
Hong Kong
HKMA Circulars, 12 Oct
2020
The Monetary Authority
announces, pursuant to section 3Q(3) of the Banking (Capital) Rules (Cap. 155L)
(BCR), that the applicable jurisdictional countercyclical capital buffer (CCyB)
ratio for Hong Kong remains unchanged at 1.0%.
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[Singapore] MAS extends
facility to support lending by banks and finance companies to SMEs
MAS News, 12 Oct 2020
The Monetary Authority of
Singapore (MAS) announced that it will extend the MAS SGD Facility for ESG
Loans to complement the six-month extension of Enterprise Singapore (ESG)’s
Temporary Bridging Loan Programme from 1 April 2021 to 30 September 2021.
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[Singapore] Opening
Remarks by Mr Ong Chong Tee, Deputy Managing Director, Monetary Authority of
Singapore, at the SIAS Corporate Governance Digital Symposium on 12 October
2020
MAS News, 12 Oct 2020
Mr Ong Chong Tee, MAS’
Deputy Managing Director, spoke on the ongoing pandemic and economic situations
that have accentuated the importance of stakeholder engagement and partnerships
between regulators and stakeholders in uplifting the standards of corporate
governance in Singapore.
Full text: click here
[Hong Kong & China]
Standard Chartered seeks brokerage licence in mainland China: Xinhua
Business Times, 12 Oct
2020
The Hong Kong unit of
Standard Chartered has applied for a brokerage licence in mainland China. The
China Securities Regulatory Commission, the country's top securities watchdog,
had accepted the application from StanChart HK on Oct 10 to set up a securities
firm in the mainland.
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[China] People's Bank of
China says worsened US ties endangering financial network
The Standard, 12 Oct 2020
Worsening Sino-U.S.
relations present huge risks to technology supply chain security for China’s
financial network, Fan Yifei, a central bank vice governor said today,
according to China Finance, a magazine run by the People’s Bank of China.
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[Singapore] Singapore’s
First Centre of Excellence to Drive Asia-focused Green Finance Research and
Talent Development
MAS News, 13 Oct 2020
Imperial College Business
School and the Lee Kong Chian School of Business at Singapore Management
University (SMU) launched the Singapore Green Finance Centre (SGFC). The SGFC
is supported by the MAS and nine founding partners. This is Singapore’s first research
institute dedicated to green finance research and talent development.
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[Singapore] “Harnessing
the Power of Finance for a Sustainable Future”- Keynote Speech by Mr Ravi
Menon, Managing Director, MAS, at the Financial Times Investing for Good Asia
Digital Conference on 13 October 2020
MAS Speeches, 13 Oct 2020
Mr Ravi Menon, Managing
Director of MAS, spoke on the opportunity to build a more resilient and
sustainable world emerging from COVID-19, and provided an update on Singapore’s
Green Finance Action Plan to facilitate Asia’s transition to a sustainable
future.
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