International

Market Infrastructure

China Issues Draft Rules on Cross-border Data Flows

By Manesh Samtani | 14/06/2019

It is difficult to see how prior regulatory approval of every transfer of personal data from China is workable, says Hogan Lovells partner Mark Parsons.

AML / KYC

Automatic Exchange of Information is Working, Says OECD

By Ralph Cunningham | 13/06/2019

New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency.

Market Infrastructure

ISDA Chief Urges Accounting Bodies to Prioritise Benchmark Reform

By Editors | 12/06/2019

ISDA chief Scott O’Malia says market participants need clarity from the IASB and FASB on the accounting implications of a switch from IBORs to RFRs.

Market Infrastructure

FSB Examines Effects of Post-Crisis Reforms on SME Financing

By Editors | 11/06/2019

SME lending growth has resumed in recent years, and access to external finance for SMEs appears to have improved, particularly in advanced economies.

Enforcement

Switzerland Fines Five Global Banks Involved in FX Trading Cartel

By Editors | 10/06/2019

Adding to the European Commission’s $1.2bn fine last month, Citigroup, Barclays, RBS, JP Morgan and MUFG have been fined $91mn by the Swiss Competition Commission.

Fintech / Regtech

FSB: Decentralisation Could Benefit Financial Stability

By Manesh Samtani | 08/06/2019

While decentralised financial technologies do pose risks, they may increase competition and diversity in the financial system and reduce existing entities’ systemic importance.

Big Picture

IOSCO Publishes Recommendations on Sustainable Finance

By Editors | 08/06/2019

The report identifies the prerequisites for creating an ecosystem that facilitates sustainable finance, and sets out 10 recommendations for growth and emerging markets.

Market Infrastructure

FSB Publishes User Guide to Overnight Risk Free Rates

By Editors | 07/06/2019

The user guide provides an overview of RFRs, details on how they are calculated, and options on how they can be used in cash products.

Market Infrastructure

FSB TCFD: Not Enough Companies Disclosing Climate Risk Information

By Editors | 07/06/2019

The Task Force said some of the results of its disclosure review and survey are encouraging, but not enough companies are disclosing decision-useful climate-related financial information.