Daily News Headlines

  • News Headlines – 26-30 Mar 2021

    [Singapore] Consultation Paper on Draft Standards for Credit Risk Capital and Output Floor Requirements for Singapore-incorporated Banks

    MAS Consultation, 25 Mar 2021

    The Monetary Authority of Singapore seeks feedback on draft standards relating to credit risk capital and output floor requirements for Singapore-incorporated banks. The draft provisions in MAS Notice 637 on Risk Based Capital Adequacy Requirements for Banks Incorporated in Singapore take into account standards relating to credit risk capital and output floor requirements in the consolidated Basel Framework published by the Basel Committee on Banking Supervision. MAS will implement the revised standards for credit risk capital and output floor from 1 January 2023, with transitional arrangements provided for implementation of the output floor till 1 January 2028.

    Full text: click here

    [Mainland China] China proposes global rules for central bank digital currencies

    Straits Times, 25 Mar 2021

    China proposed a set of global rules for central bank digital currencies, from how they can be used around the world to highly sensitive issues such as monitoring and information sharing. Mu Changchun, director-general of the People's Bank of China's (PBOC) digital currency institute, laid out the new proposals at a Bank for International Settlements seminar.

    Full text: click here

    [Singapore] Strengthening AML/CFT Controls of Digital Payment Token Service Providers

    MAS News, 26 Mar 2021

    The document provides an overview of recent international developments, MAS’ AML/CFT requirements and supervisory expectations for the Digital Payment Token (DPT) sector, and is intended to raise industry awareness among DPT service providers of sectoral money laundering and terrorism financing risks, and provide additional information to support their implementation of effective controls.

    Full text: click here

    [Singapore] Information Paper: Good Practices Relating to Disciplinary Action Framework in the Financial Advisory Industry

    MAS News, 26 Mar 2021

    This Information Paper provides guidance to financial advisers on sound principles in key areas of their disciplinary action (DA) framework. This helps to achieve more consistent outcomes in their application of DA and to raise standards among financial advisers through sharing of good practices.

    Full text: click here

    [Hong Kong] Commencement of the group-wide supervision framework and regulatory regime of insurance-linked securities business

    HKIA News, 29 Mar 2021

    Legislative amendments on the group-wide supervision (GWS) framework and regulatory regime of insurance-linked securities (ILS) business became effective on 29 March 2021. The Insurance Authority has engaged closely with key industry stakeholders in developing the Guideline on Group Supervision which spells out principles and standards for designated insurance holding companies on a wide range of areas including enterprise risk management, corporate governance, capital requirements and public disclosure. Apart from the GWS framework and regulatory regime of ILS business, the legislative amendments seek to expand the scope of insurable risks for captives.

    Full text: click here