Common Assessment Framework on Green and Sustainable Banking
HKMA, 13 May 2020
As announced on 7 May 2019 and in the circular of 28 June 2019, a key part of HKMA Phase I measures to promote green and sustainable banking is to develop a common framework to assess the “greenness baseline” of individual authorized institutions (AIs). We have recently developed a self-assessment framework (which is enclosed in the Annex) with the support of a working group consisting of 22 AIs, and have incorporated comments received from the industry. The circular has highlighted certain key aspects of the assessment framework, which includes objective, design, scope of AIs and timeline.
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ESMA highlights challenges for rating collateralised loan obligations
ESMA, 13 May 2020
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published a Thematic Report on Collateralised Loan Obligations (CLOs) credit ratings in the European Union (EU). The report provides an overview of CLO rating practices and identifies the main supervisory concerns, and medium-term risks, in this asset class which include credit rating agencies’ (CRAs) internal organisation, their interactions with CLO issuers, operational risks, commercial influence on the rating process and the need for proper analysis of CLOs.
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Statement on how firms should handle post and paper documents
UK FCA, 13 May 2020
FCA recognise that during the coronavirus (Covid-19) pandemic there will be some important functions, such as processing post, that will be more difficult for firms to do in a timely way. While FCA continue to expect firms to comply with the requirements for post and paper-based processes (both incoming and outgoing), FCA also understand that in the current circumstances some firms may not be able to comply fully with them. Where this is the case, FCA expects firms to notify them as soon as possible.
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COVID-19 Market Monitoring Group — Update and Current Efforts
US SEC, 13 May 2020
This statement is intended to provide investors, other market participants and the public generally with further information about our ongoing efforts and, in particular information regarding (1) the status of our ongoing coordination with domestic and foreign regulatory partners and public sector officials, and (2) certain specific medium- and longer-term market analysis work streams.
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Financial Action Task Force Paper_COVID-19-related Money Laundering and Terrorist Financing Risks
Customs MSOS, 13 May 2020
The paper includes a statement from the FATF President, issued on 1 April 2020, on how the risk-based approach of the FATF Standards provides for emerging threats and vulnerabilities to be managed effectively and in support of COVID-19 aid and containment efforts. Besides, the focus of the paper relates to three broad themes which are:-
(1) New threats and vulnerabilities stemming from COVID-19-related crime and impacts on money laundering and terrorist financing (“ML/TF”) risks;
(2) Current impact on anti-money laundering/counter-financing of terrorism (“AML/CFT”) efforts by governments and the private sector due to COVID-19;
(3) Suggested AML/CFT policy responses to support the swift and effective implementation of measures to respond to COVID-19, while managing new risks and vulnerabilities identified, including: charitable activity and economic and fiscal stimulus and financial rescue packages for firms and individuals.
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