[Singapore] Exemptions issued under s337(2) SFA -
3Q2020
MAS Regulation, 27 Oct 2020
The Monetary Authority of Singapore has issued
exemptions under section 337(2) of the Securities and Futures Act for the
period from 1 July 2020 to 30 September 2020.
Full text: click here
[Singapore] Industry Steering Committee Announces Timelines to Cease Issuance of
SOR-linked Financial Products, and Publishes Market Guidance to Support
Transition to SORA
ABS News, 27 Oct 2020
The Steering Committee for SOR Transition to SORA
(SC-STS) announced industry timelines to support a coordinated shift away from
the use of the SGD Swap Offer Rate (SOR) in financial products, and to
concurrently accelerate usage of the Singapore Overnight Rate Average (SORA). SOR
is set to be discontinued alongside LIBOR discontinuation after end-2021, and
SORA had been identified previously as the replacement benchmark in SGD funding
markets. All Domestic Systemically Important Banks (D-SIBs) should be ready to
offer a full-suite of SORA-based products to their customers by end-February
2021 while all non-DSIB banks should be ready to offer new SORA-based products
by end-April 2021.
Full text: click here
[China]
Revised bank law set to give green light to digital RMB
China
Daily, 27 Oct 2020
The
PBOC disclosed a draft of the new central bank law on its website in order to
gather public opinion. It said that "the renminbi has both physical and
digital types", which would give the green light to issuance of digital
renminbi. Meanwhile, the draft law forbids institutions or individuals from
issuing any type of digitalized currency privately for circulation.
Full
text: click here
