[Hong Kong] SFC concludes consultation on changes to the open-ended fund companies regime and further consults on customer due diligence requirements
SFC, 2 Sep 2020
The Securities and Futures Commission today released consultation conclusions on enhancements to the open-ended fund companies (OFC) regime, including the removal of all investment restrictions for private OFCs. The SFC will also allow licensed or registered securities brokers to act as custodians for private OFCs and introduce a statutory mechanism for the re-domiciliation of overseas corporate funds to Hong Kong.
Full text: click here; Consultation conclusion: click here
[Hong Kong] Financial Industry Recruitment Scheme for Tomorrow
HKMA, 2 Sep 2020
The Financial Industry Recruitment Scheme for Tomorrow Scheme is the first job-creation scheme dedicated to the financial services industry and commissioned by the Financial Services and the Treasury Bureau, aiming at creating 1,500 full-time jobs. Institutions that are authorised by the HKMA or licensed by the Securities and Futures Commission are covered by the Scheme.
[Singapore] MAS steps up engagements with key financial institutions on hiring practices
Business times, 2 Sep 2020
The Monetary Authority of Singapore has been stepping up engagements with the top leadership of key financial institutions on the need to maintain human resource practices that are merit-based and support workplace diversity, said Ong Ye Kung, an MAS board member.
Full text: click here; Speech by Ong Ye Kung: click here
[China] PBOC tells lenders to get ready for life after LIBOR
China Daily, 2 Sep 2020
China will help commercial lenders to shift from the London Interbank Offered Rate, which is facing global criticism, to a self-designed interest rate system, according to the People's Bank of China. The PBOC prefers to use depositary financial institutions' repo rates, called "DR", as the key reference to price financial contracts, which can better reflect the real liquidity situation in the banking system.
