Capital Adequacy

Basel III Implementation Timelines Deferred in Response to Covid-19

28/03/2020

The implementation date of the outstanding Basel III standards will be deferred by one year to 1 January 2023 to free up operational capacity for banks and supervisors.

Liquidity Risk

RBI Announces Broad Measures to Address Covid-19 Financial Stress

28/03/2020

The measures include a 3 month moratorium on term loans, deferred interest on working capital loans, $50bn of liquidity measures, and 6-month delays for NSFR, CCB and LEI implementation.

Clearing & Post-Trade

Hong Kong to Update List of FSPs Under Clearing Obligation

27/03/2020

Eight additional entities are proposed to be included on the list of Financial Services Providers under the OTC derivatives clearing regime.

Structural Regulation

CBIRC Issues New Rules for Insurers’ Asset Management Products

27/03/2020

Insurance asset management products may not invest more than 35% of net assets in shadow banking assets, and may not invest in commercial banks’ credit assets directly.

Structural Regulation

New Zealand Delays New Financial Advice Regime

27/03/2020

The new regime will be deferred until at least March 2021, allowing financial advisers to focus on helping their clients, staff and families during “this difficult time”, the FMA says.

Liquidity Risk

Australia: Super Funds Seek Liquidity Backstop Facility

27/03/2020

The government will allow individuals in financial stress to access superannuation savings, but may have underestimated the ability of super funds to meet withdrawals.

Conduct, Culture & Accountability

Woori Financial Chief Gets Reappointment Despite FSS Sanctions

27/03/2020

A Seoul court has granted an injunction against FSS sanctions that would have prevented chairman Sohn Tae-seung from seeking another term at Woori Financial Group.

Credit Risk

China to Enhance Oversight of National Bad Debt Managers

27/03/2020

The reforms are said to be in part aimed at shielding the Ministry of Finance from risk. The Ministry is the largest shareholder of each of the national AMCs.

Liquidity Risk

SFC Steps Up Scrutiny of Fund Industry Amid Recent Volatility

27/03/2020

The SFC reminds managers, trustees, custodians and intermediaries of funds to look out for clients interests amid “unprecedented volatility across asset classes”.