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ASIFMA Asia Regulatory Review
 


19 - 26 April 2016 | Issue 296

Spotlight

ASIFMA's 6th China Capital Markets Conference to be held on Wednesday 27 April 2016 in Singapore
ASIFMA's signature conference provides an industry-wide platform for global and regional policymakers, senior regulators, asset managers, corporate treasurers, financing firms, fintech firms and China-watchers to discuss the development of China's capital markets and the renminbi's internationalization. Register now given seats are limited!

3rd Annual Symposium on EU-Asia Relations in Financial Services to be held on 25-27 May 2016 in Beijing
This closed-door symposium on EU-Asian capital markets regulation provides a unique opportunity for European and Asian policy makers, high-level industry influencers, leading academics and markets representatives to meet and discuss important issues affecting EU-Asia trade, investment and capital markets. The event is limited to 100 participants. Register now given seats are limited!

Updates

CHINA

Xi stresses cybersecurity, positive internet environment
President Xi Jinping has called for the comprehensive detection of internet risks to ensure online security. In his speech, Xi stressed the "correct outlook on cybersecurity" and called for the establishment of a system to protect information infrastructure in industries including finance, energy, telecommunications and transportation. He urged authorities to establish unified and effective mechanisms to report risks and share information. (Xinhua)

HONG KONG

HKEx - Closing auction session (CAS) and volatility control mechanism (VCM) - Tentative launch date, market rehearsals (MRS) and briefing sessions
Phase 1 of the CAS will be launched on 25 July 2016 tentatively and will include all the Hang Seng Composite LargeCap and MidCap index constituent stocks, the H shares which have corresponding A shares listed on the exchanges in Mainland China, and all Exchange Traded Funds (ETFs). Furthermore, VCM for the securities market will tentatively be launched in August 2016 after the stabilization of CAS Phase 1 rollout. The exact date will be announced in due course.

SFC formally adopts initiatives to enhance fund authorization process after pilot-run
Following a successful six-month pilot period ending on 8 May 2016, the Securities and Futures Commission (SFC) announced that it will formally adopt initiatives to enhance the authorization process for new fund applications and for new Mandatory Provident Funds (MPF) and Pooled Retirement Fund (PRF) products.

HKEX rolls out risk management system for its derivatives market
Hong Kong Exchanges and Clearing Limited (HKEX) announced the successful launch of its Pre-Trade Risk Management (PTRM) system, which offers tools to help participants in its derivatives market meet their needs for pre-trade controls while complementing their in-house risk controls.

HKEx - The new journey of Hong Kong's financial markets
Charles Li Direct blog


SINGAPORE

MAS - Better data to strengthen disaster resilience
Opening address by Mr. Bernard Wee, Executive Director, MAS

MAS and CAD investigating broking firms; SGX reports insider trading, market manipulation in Q1
The Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) are investigating broking firms for possible breaches of the Securities and Futures Act, MAS said. (The Straits Times)

JAPAN

The Bank of Japan releases financial system report
Japan's financial system has remained stable, according to the report. Financial intermediation has remained smooth. While heightened volatility, particularly in global financial markets since the summer of 2015, has had a considerable impact on Japan, the effects on the stability and functioning of the financial system have been limited due in part to the Bank of Japan's quantitative and qualitative monetary easing (QQE) with a negative interest rate.

INDIA

RBI - Consolidation among public sector banks
Speech by Shri R. Gandhi, Deputy Governor

SEBI - Disclosure of Proprietary Trading by Commodity Derivatives Broker to Client and Pro - account Trading terminal
In order to increase the transparency in the dealings between stock brokers and clients in the commodity derivatives market, SEBI decided to align provisions relating to proprietary trading carried out by the stock brokers of commodity derivatives exchanges in line with the securities market.

SEBI mulls online registration for market entities
To make it easier to do business, the Securities and Exchange Board of India (SEBI) plans to soon introduce a paperless online mechanism for registration of brokerage firms, mutual funds, portfolio managers and other market intermediaries. (Business Standard)

SEBI working with central bank for common KYC
In an effort to ease retail participation in the securities market, regulator SEBI will pitch for a common KYC (Know Your Customer) norm for banking and the capital markets. (The Hindu BusinessLine)


AUSTRALIA

Australia launches cyber security strategy
The Australian government recently released a four-year cyber security strategy. The strategy establishes five themes of action for Australia's cyber security over the next four years to 2020:
1) A national cyber partnership - bringing governments, businesses and the research community together to advance Australia's cyber security;
2) Strong cyber defenses - to ensure Australia's networks and systems are hard to compromise and resilient to cyber-attacks;
3) Global responsibility and influence - to ensure Australia actively promotes an open, free and secure cyberspace;
4) Growth and innovation - to help Australian businesses grow and prosper through cyber security innovation;
5) A cyber smart nation - developing Australians' cyber security skills and knowledge to thrive in the digital age.

INDONESIA

Indonesia to launch fintech regulations by end 2016
Indonesia's Financial Services Authority (OJK) is preparing to launch new rules governing financial technology (fintech) companies by the end of the year. The regulations are expected to help set a healthy ecosystem in which fintech start-ups could grow and collaborate with traditional banks. Chairman of Board of Commissioners of the Financial Services Authority Muliaman Hadad said the regulator will consult authorities from other countries in the region to get an idea of the industry ecosystem in the regional level. (Deal Street Asia)

INTERNATIONAL

BIS - Interest rate risk in the banking book
The Basel Committee on Banking Supervision issued standards for Interest Rate Risk in the Banking Book (IRRBB). The standards revise the Committee's 2004 Principles for the management and supervision of interest rate risk, which set out supervisory expectations for banks' identification, measurement, monitoring and control of IRRBB as well as its supervision.

UNITED STATES

CFTC and three Canadian authorities sign counterparts to memorandum of understanding to enhance supervision of cross-border regulated entities
The U.S. Commodity Futures Trading Commission (CFTC) announced that CFTC Chairman Timothy Massad signed Counterparts with authorities in three Canadian provinces to a 2014 Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and in Canada.


EUROPE

The European Central Bank releases 2016 report on Financial Integration in Europe
The report highlights a series of policy actions that support the financial re-integration trend. In addition to the ECB's expansionary monetary policy, the Single Resolution Fund became operational this year. ECB Banking Supervision is addressing remaining cross-country heterogeneities in the regulatory framework. Looking ahead, the ECB emphasizes that the European capital markets union and all the other steps proposed in last year's Five Presidents' Report need to be pursued with determination in this context.


EBA discloses first list of O-SIIs in the EU
The European Banking Authority (EBA) published the first list of Other Systemically Important Institutions (O-SIIs) in the EU. O-SIIs are those institutions which are deemed systemically relevant in addition to Global Systemically Important Institutions (G-SIIs), already identified. The institutions have been identified by relevant authorities across the Union according to harmonized criteria provided by the EBA (2). This list reflects also the additional capital buffers that the relevant authorities have set for the O-SIIs they have identified.

EBA publishes final guidelines for disclosing confidential information under the BRRD
The European Banking Authority (EBA) published its final Guidelines defining how confidential information collected under the Bank Recovery and Resolution Directive (BRRD) should be disclosed in summary or collective form without identifying individual institutions or relevant entities.

UK - HM Treasury - Consultation on draft innovation plan for financial services
HM Treasury is seeking views on how the work of financial services regulators supports innovative technology and new business models. We would also like to understand where there might be gaps in regulatory approach when it comes to supporting innovation.

FCA - Regulation round-up April 2016
Regulation round-up is the FCA's monthly email to all regulated firms on the latest news that affects the sector.

 
Features

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Data

Moody's

 

Chinese Diversified Technology Sector

 

Chinese Regional and Local Governments

 

Korea Banking System Outlook

 

Taiwanese Banks Resilient Performance








Fitch

 

Korea Election Result Raises Reform Implementation Risks

 

Sukuk Take Record Share of 1Q16 Issuance in Key Markets

 

China Debt-Equity Swap Plan Would Be Negative for Banks

 

China SOE Defaults Pose Credit Tightening Risk

 

Risks Emerge from Chinese Insurers' Offshore Investments

 

Fitch Revises Woodside's Outlook to Negative; Affirms at 'BBB+'








Standard & Poor's

 

Asia-Pacific Economic Snapshots: China's Q1 Growth Was On Target But Still Credit Driven

 

Asia-Pacific Sector Outlook 2Q 2016: Net Negative Bias Inches Up To 9%

 

China's Policy Shift Has Increased Default Risks For State-Owned Enterprises

 

Indian Government-Owned Companies' Credit Quality Will Deteriorate In The Long Run

 

Japanese Steelmakers' Continued Aggressive Investments Pressure Their Credit Quality










Clifford Chance

FATCA IGA Status

 


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