Daily News Headlines

  • News Headlines – 24-28 Sep 2021

    [Hong Kong] Circular to Intermediaries - Hong Kong Investor Identification Regime (HKIDR) and Over-the-counter Securities Transactions Reporting Regime (OTCR) Webinar

    SFC Circulars, 23 Sept 2021

    The SFC issued the consultation conclusions on the HKIDR and the OTCR (Consultation Conclusions) in August 2021. To facilitate the implementation of the regimes, the SFC will host two sessions of a webinar on the HKIDR and the OTCR for the industry on 11 October 2021 and 12 October 2021 respectively. The objectives of the webinar are to introduce the regulatory framework and key elements of the HKIDR and the OTCR and to provide guidance on preparations for and implementation of the regimes.

    Full text: click here

    [Mainland China] China says all crypto-related transactions are illegal

    Business Times, 25 Sept 2021

    China's central bank said all cryptocurrency-related transactions are illegal and must be banned, sending the strongest signal yet on its determination to crack down on the industry. All crypto currencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated on the market, the People's Bank of China (PBOC) said on its website.

    Full text: click here

    [Hong Kong] Regtech Adoption Practice Guide

    HKMA Circular, 27 Sept 2021

    The HKMA published the third issue of the Regtech Adoption Practice Guide. This issue focuses on Regtech solutions in the space of “Governance, Risk and Compliance” (GRC). An evolving risk and regulatory landscape, coupled with a growing need to balance costs and effectiveness, is driving banks to adopt GRC Regtech solutions. This practice guide introduces a modular approach to building a GRC Regtech platform and outlines some key implementation components based on observations of what others have successfully done. These include maturity analysis, GRC vision, project governance and IT change control, and process change management. Successful implementation of GRC Regtech solutions require firm-wide support for digital transformation.

    Full text: click here; Practice Guide: click here

    [Hong Kong] Circular to Intermediaries - Seminars on Implementation of Regulatory Requirements in relation to the Management and Disclosure of Climate-related Risks by Fund Managers

    SFC Circulars, 27 Sept 2021

    The SFC will host two seminars on 7 and 12 October 2021 to facilitate licensed corporations to gain a better understanding of how to implement the regulatory requirements in relation to the Management and Disclosure of Climate-related Risks by Fund Managers.  The seminars will be streamed live via the SFC official Facebook page on the date of the event. Relevant management or supervisory personnel and compliance officers of licensed corporations which are managing collective investment schemes with investment discretions are encouraged to attend. 

    Full text: click here

    [Singapore] Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Licensed and Exempt Trust Companies and Approved CIS Trustees

    MAS News, 27 Sept 2021

    The MAS issued a Compliance Toolkit which serve as a useful guide to licensed trust companies, exempt trust companies (e.g. banks, law firms) and approved CIS trustees on the various approval and reporting requirements and timelines. It aims to provide guidance on Applications to be submitted for approval from MAS and Notifications and regulatory submissions to the MAS.

    Full text: click here

    [Singapore] Notice 762 Obligations of Primary Dealers (MAS-issued Securities)

    MAS Notice, 27 Sept 2021

    This notice applies to all primary dealers appointed under section 145 of the MAS Act.  It sets out the roles and responsibilities of primary dealers when participating in book-entry MAS securities auctions and market making.

    Full text: click here

    [Singapore] Notice 648 Issuance of Covered Bonds by Banks Incorporated in Singapore

    MAS Notice, 27 Sept 2021

    This notice applies to all banks incorporated in Singapore. It sets out the requirements that banks have to comply with when issuing covered bonds. These include (1) cover pool assets and encumbrance limit, (2) risk management requirements and (3) notification and other requirements.

    Full text: click here

    [Singapore] Notice SFA 04-N13 Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences

    MAS Notice, 27 Sept 2021

    The MAS amended the Notice on Risk Based Capital Adequacy Requirements for Holders of Capital Markets Services Licences as a result of the commencement of the Significant Infrastructure Government Loan Act 2021 on 3 August 2021.

    Full text: click here


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