Daily News Headlines

  • News Headlines – 28-29 Oct 2020

    [Singapore] Exemptions issued under s337(2) SFA - 3Q2020

    MAS Regulation, 27 Oct 2020

    The Monetary Authority of Singapore has issued exemptions under section 337(2) of the Securities and Futures Act for the period from 1 July 2020 to 30 September 2020.

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    [Singapore] Industry Steering Committee Announces Timelines to Cease Issuance of SOR-linked Financial Products, and Publishes Market Guidance to Support Transition to SORA

    ABS News, 27 Oct 2020

    The Steering Committee for SOR Transition to SORA (SC-STS) announced industry timelines to support a coordinated shift away from the use of the SGD Swap Offer Rate (SOR) in financial products, and to concurrently accelerate usage of the Singapore Overnight Rate Average (SORA). SOR is set to be discontinued alongside LIBOR discontinuation after end-2021, and SORA had been identified previously as the replacement benchmark in SGD funding markets. All Domestic Systemically Important Banks (D-SIBs) should be ready to offer a full-suite of SORA-based products to their customers by end-February 2021 while all non-DSIB banks should be ready to offer new SORA-based products by end-April 2021.

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    [China] Revised bank law set to give green light to digital RMB

    China Daily, 27 Oct 2020

    The PBOC disclosed a draft of the new central bank law on its website in order to gather public opinion. It said that "the renminbi has both physical and digital types", which would give the green light to issuance of digital renminbi. Meanwhile, the draft law forbids institutions or individuals from issuing any type of digitalized currency privately for circulation.

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