Big Picture

BIS Paper Identifies Gaps in Regulatory Frameworks for Crypto

18/05/2023

The paper says authorities should consider regulations for utility tokens, governance tokens, DeFi actors, and crypto firms that resemble financial conglomerates.

Capital / Liquidity

Fed Plans to Toughen Capital, Liquidity Rules for Banks

18/05/2023

Fed, FDIC and OCC officials as well as former executives from failed banks testified before lawmakers this week.

Securities / Derivatives

SFC Chief Outlines Measures to Develop REITs Market

17/05/2023

REITs could be allowed under Stock Connect, structured in a corporate (rather than trust) form, and add a renminbi counter for trading.

Market Infrastructure

MAS Issues “Close-to-Final” Derivatives Reporting Rule Updates

16/05/2023

MAS set October 2024 as the commencement date for its new OTC derivatives reporting rules, aligning with ASIC.

Securities / Derivatives

Northbound Trading for Swap Connect Has Launched

15/05/2023

At the opening bell, 37 transactions worth about $273mn were executed involving participation from 16 foreign institutions.

Capital / Liquidity

Supervisors Need More Guidance on Using Pillar 2 Tools

15/05/2023

Many prudential risks that arise from rising interest rates are “beyond the scope of Pillar 1” and are “more effectively addressed” through a robust Pillar 2 supervisory review process.

Capital / Liquidity

FDIC to Charge Banks $16bn to Recover SVB, Signature Losses

14/05/2023

The FDIC proposes to require lenders with more than $50bn in assets to cover 95% of the losses associated with the SVB and Signature Bank failures.

AML / KYC

Australia Budget Offers Funding for AML, Scams, Cyber

10/05/2023

Funding is provided to AUSTRAC, the Attorney-General’s Department, ASIC, the ACCC, and the launch of an SMS Sender ID Registry.

AML / KYC

MAS to Consult on Scam Loss Sharing Framework in Q3

09/05/2023

Senior Minister Tharman Shanmugaratnam said the framework will include obligations for telcos, not just FIs and consumers.