[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
