Cryptocurrency

S. Korea Approves Revisions to Legal Framework for Crypto

18/03/2020

The revision bill was introduced last November, and passed on 5 March. The government has now approved the revision act at a cabinet meeting on 17 March.

Payments & Settlements

SWIFT Defers ISO 20022 Start Date for Cross-border Payments

18/03/2020

ISO 20022 messages for cross-border payments and cash reporting businesses will start from end 2022 instead of November 2021 as originally planned.

Credit Risk

CBIRC Approves First National Bad Debt Manager in 20 Years

18/03/2020

Jiantou Citic Asset Management will transition into a financial asset management company, making it the first new national distressed debt manager authorised since 1999.

Conduct, Culture & Accountability

A Review of Post-GFC Regulatory Approaches to Bank Boards

18/03/2020

Of the 19 jurisdictions surveyed, all prescribe ‘fit and proper’ criteria to assess bank board members, however some authorities have no regulatory powers to approve their appointments.

Capital Adequacy

RBNZ to Delay Work on Regulatory Initiatives

18/03/2020

The move is aimed at reducing the regulatory burden on FIs, freeing up RBNZ and industry resources, and supporting the economy amid the coronavirus outbreak.

Credit Risk

IMF Offers Guidance on Offsetting Economic Impact of Covid-19

17/03/2020

Banks should be encouraged to undertake prudent renegotiation of loan terms for stressed borrowers, but loan classification and provisioning rules should not be eased.

Liquidity Risk

Sri Lanka Closes Stock Market, Cuts Policy Rates

17/03/2020

The central bank has also asked financial institutions to refrain from engaging in speculative activity, which it says “could lead to panic in the financial market.”

Capital Adequacy

New Zealand Announces NZ$12.1b Economic Stimulus Package

17/03/2020

New Zealand has announced a NZ$12.1bn economic rescue package in response to the novel coronavirus outbreak.

Trading & Investment

Philippine Markets Shut, Central Bank Promises Regulatory Relief

17/03/2020

The Philippines has halted stock, bond and currency trading ‘until further notice’. The BSP is urging banks to provide financial relief to customers and employees.