[Singapore] MAS issues Guidelines to strengthen
culture of responsibility and ethical behaviour in the financial industry
MAS Media Releases, 10 Sep 2020
The
Monetary Authority of Singapore (MAS) today issued guidelines to strengthen the
accountability of senior managers in key functions in financial institutions
and to promote ethical behaviour in FIs. The “Guidelines on Individual
Accountability and Conduct” sets out MAS’ expectations through five high level
outcomes for FIs:
Full
text: click here; The Guidelines: click here; FAQ: click here
[Singapore]
MAS issues Information Paper on Culture and Conduct Practices of Financial
Institutions
MAS
Information Paper, 10 Sep 2020
Financial
Institutions should promote a culture of ethical behaviour by strengthening
practices in areas set out in the Information Paper on Culture and Conduct
Practices of Financial Institutions. These areas include hiring, communication
channels, monitoring and assessment, and performance management. The paper
contains examples of good practices gathered from a thematic survey and
dialogue sessions conducted by MAS with banks, insurers and capital market
intermediaries.
Full
text: click here
[Singapore]
Succession plans at financial firms part of new accountability guidelines from
MAS
Business
Times, 11 Sep 2020
New
guidelines from the Singapore regulator on the financial industry state that
most financial institutions should have a succession plan that is
"regularly reviewed and updated". The “Guidelines on Individual
Accountability and Conduct” will apply in full to all financial institutions
unless they are exempted or if the financial firms have fewer than 50 in
headcount.
Full
text: click here
[Hong Kong] Changes to
the open-ended fund companies regime take effect
SFC News, 11 Sep 2020
The Securities and Futures Commission (SFC)
announced that amendments to the Code on Open-ended Fund Companies have taken
effect. Among other changes, private open-ended fund companies (OFCs) in Hong
Kong are no longer subject to investment restrictions and the eligibility
requirements for OFC custodians have been expanded. Existing private OFC
custodians are allowed a six-month transition period from today (11/9) to
ensure compliance with new safekeeping requirements.
Full text: click here;
Circular: click here
[Hong Kong] SFC statement
on Police investigation concerning Next Digital shares
SFC News, 11 Sep 2020
SFC issued a statement in response to the
numerous enquiries it has received following a press conference held by the
Narcotics Bureau of the Hong Kong Police yesterday in relation to its
investigation into the trading of the shares of Next Digital Limited.
Full text: click here
[Hong Kong] Circular to
Money Service Operators Anti-Money Laundering / Counter-Terrorist Financing (1)
United Nations Sanctions (ISIL and Al-Qaida) Regulation (2) United Nations
(Anti-Terrorism Measures) Ordinance
C&ED Circular, 11 Sep
2020
Hong Kong Customs and Excise Department
issued a circular regarding the updates of the 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. MSOs are reminded to refer to Chapter 6 of
the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism.
Full text: click here
[Hong Kong] Revised
Supervisory Policy Manual (SPM) CR-G-14
HKMA Circular, 11 Sep
2020
The Hong Kong Monetary Authority (HKMA)
issued a Gazette notice regarding the revised version of the SPM module
“Non-centrally Cleared OTC Derivatives Transactions – Margin and Other Risk
Mitigation Standards”.
Full text: click here;
Revised SPM CR-G-14: click here
[China] People’s Bank of
China sets 5b yuan capital rule for financial holding firms
The Standard, 13 Sep 2020
China issued new rules today to regulate
financial holding companies, in its latest move to prevent systematic risks to
the vast financial sector. To be licensed as financial holding firms, companies
must have at least 5 billion yuan in capital, according to the rules.
Full text: click here
Senior managers are clearly identified.
Senior managers are fit and proper and held responsible for their roles.
The FI’s governance framework supports senior managers in performing their roles.
Material risk personnel are fit and proper for their roles.
The FI has a framework that promotes and sustains among all employees the desired conduct.
