Data Privacy

India Bans Chinese Apps, Citing Data Privacy Issues

30/06/2020

India has banned 59 of China’s biggest mobile phone apps including TikTok and WeChat, saying they breach data privacy requirements and threaten the country’s security.

Anti-Money Laundering

FATF Progresses Key Initiatives at June 2020 Plenary

30/06/2020

The Plenary discussed progress on virtual assets, stablecoins, illegal wildlife trade, and work on an enhanced framework for mutual evaluations and follow-up.

PEPs & Sanctions

National Security Legislation Promulgates in Hong Kong

30/06/2020

A legislative notice has been posted in the Hong Kong gazette, saying the national law applies in the city as part of the Basic Law from 11pm on 30 June 2020.

Trading & Investment

SGX Pushes into FX OTC Market with BidFX Acquisition

30/06/2020

The acquisition will bring together two growing and mutually-reinforcing pools of liquidity, and allow SGX to further expand into the global FX OTC market.

Capital Adequacy

US Regulators Approve Volcker Rule Revisions

30/06/2020

The latest amendment allows banks to invest in venture capital and credit funds and reduces the amount of capital they have to set aside against inter-affiliate swap trades.

Structural Regulation

Industry Bodies Call on EU to Reform Benchmarks Regulation

30/06/2020

The majority of third-country benchmarks pose no systemic risk but could nevertheless be barred from use in the EU due to a costly and burdensome third-country benchmark regime.

Payments & Settlements

BOT Opens Applications for New FX E-Money Licences

30/06/2020

Non-bank operators can apply for a new licence to issue e-money in foreign currencies for customer payments for cross-border goods and services.

Trading & Investment

Taiwan FSC to Introduce Measures to Catalyse IPO Market

30/06/2020

The Covid-19 pandemic has affected companies’ financial performance in the first half of the year, making them ineligible to list on the stock market.

Supervision & Enforcement

BSP Defers Adoption of New Supervisory Assessment Framework

30/06/2020

The six-month deferral is intended to give FIs more time to prepare for implementation, given the impact of the Covid-19 pandemic.