Daily News Headlines

  • News Headlines – 23-24 Sep 2020

    [Singapore] Singapore regulator reviews claims of US$3b illicit fund flows linked to DBS, UOB and OCBC

    The Standard, 22 Sep 2020

    The Monetary Authority of Singapore said it is “closely studying” media reports mentioning Singapore banks in potentially suspicious transactions that were flagged to authorities in the United States, and will take appropriate action based on the outcome of its review.

    Full text: click here

    [China] Beijing woos global bond investors by making it easier to get money in and out of China

    SCMP, 22 Sep 2020

    China says it will let foreign bond investors transfer money into and out of the country more freely, allowing them easier access to the onshore bond market, in Beijing’s latest move to deepen financial links with the outside world. Foreign institutional investors will be allowed to repatriate a larger amount of funds into the currency of their original investment without restrictions. Foreign investors will also be allowed to invest in foreign exchange derivative products, such as by trading directly with Chinese counterparts.

    Full text: click here

    [Hong Kong] Circular to licensed corporations Review of internet trading cybersecurity

    SFC Circular, 23 Sep 2020

    The Securities and Futures Commission (SFC) recently conducted a thematic review of selected internet brokers which provide online trading services on desktop, mobile or designated website platforms with a focus on cybersecurity issues and vulnerabilities associated with mobile trading applications. A report on the thematic review summarises the key findings and observations and provides guidance on SFC’s expected standards. It also highlights deficiencies and instances of non-compliance in some areas.

    Full text: click here; Report on the thematic review: click here

    [Hong Kong] Wealth Connect to focus on investor protection

    The Standard, 23 Sep 2020

    The Financial Services Development Council expects the initial stage of Wealth Management Connect will require eligible funds to be registered in Hong Kong, as a consensus has been reached that adequate investor protection will be the guiding principle of the scheme.

    Full text: click here

    [Singapore] Notice 637 Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore

    MAS Notice, 23 Sep 2020

    The Monetary Authority of Singapore (MAS) today issued a revised MAS Notice 637, which applies to all locally-incorporated banks, to:

    –     -define regulatory loss allowance which is recognised as Tier 2 Capital;

    –     -revise the capital treatment for public sector entities; and

    –     -implement other technical revisions to the credit and market risk framework.

    Full text: click here; Amendment: click here