Conduct, Culture & Accountability

OJK Enhances Consumer Protection Rules for FIs

26/05/2022

Financial services firms are required to protect consumers and the public during the entire lifecycle of a financial product or service.

Structural Regulation

Implementation of Global Tax Reforms to Be Delayed

26/05/2022

The full text of the agreement will not be ready by mid-year as originally planned. Implementation is now expected in 2024 rather than 2023.

Structural Regulation

‘Significant Issues’ Remain on US-China Audit Deal

26/05/2022

The SEC’s YJ Fischer confirmed that progress has been made in talks with Chinese regulators, but warned that time was “quickly running out”.

Trading & Investment

China Allows Expanded Use of Currency Hedging Tools

26/05/2022

Financial institutions are allowed to offer American-style and Asian-style FX options, in addition to European-style FX options already allowed.

Conduct, Culture & Accountability

HKMA Publishes Findings from Front Office Incentives Review

26/05/2022

Some incentive systems used in retail banks’ front offices may unintentionally push staff to prioritise business objectives over customer outcomes.

Cryptocurrency

GBBC, GDF Merge to Create 500 Member Association

25/05/2022

The combined influence of GBBC and GDF is expected to help facilitate global collaboration on a robust global framework for crypto assets.

Tokenisation

SET, UOB Join SGX, Temasek as Investors in ADDX

25/05/2022

SET’s move to invest in ADDX reflects a trend towards a “new capital market landscape that emphasises continuity between the public and private markets”.

AI Risk & Governance

Govt Support Needed in AI, Big Data Industry: FTAHK

25/05/2022

Survey respondents said government support is needed to drive education and promote fairness, ethics, accountability and transparency in the industry.

Data Privacy

Singapore, Switzerland to Promote Cross-border Data Connectivity

25/05/2022

MAS and SIF will work towards enabling data flows (including personal information) within financial groups, supported by free choice of location for data storage and processing.