Managing Upstream Risk

PwC’s Regulatory Reform Review: An Asian perspective

May 2018

What to look forward to in the May 2018 issue:

  • Monetary Authority of Singapore introduces a new consultation paper on changes to anti-money laundering/counter finance terrorism requirements imposed on money-changing and remittance businesses;
  • Monetary Authority of Singapore updates its guidance on insurer’s own risk and solvency assessment;
  • World Federation of Exchanges publishes best practice guidelines for cyber security compliance to enhance cyber defences;
  • Hong Kong Monetary Authority and the Securities and Futures Commission issues a joint consultation on further enhancements to the over-the-counter derivatives regulatory regime in Hong Kong;
  • The Bank of International Settlements revises the minimum capital requirements for market risk and Pillar 3 disclosure requirements.

Other issues

Managing Upstream Risk - Issue 25

This edition of Managing Upstream Risk provides updates on the key regulatory developments between October 2017 and March 2018. During this period, the Monetary Authority of Singapore (“MAS”) introduced a new consultation paper on changes to Anti-Money Laundering (“AML”)/Counter Finance Terrorism (“CFT”) requirements imposed on money- changing and remittance businesses. Coupled with this is a new circular on technology solutions to facilitate non-face- to-face customer on-boarding. MAS has also updated its guidance on insurer’s own risk and solvency assessment.

Managing Upstream Risk - Issue 24

Monetary Authority of Singapore publishes streamlined regulations for banks seeking to conduct permissible non-financial businesses; Hong Kong Monetary Authority commences resolution regime for financial institutions; Monetary Authority of Singapore proposes amendments to disclosure and capital requirements for Singapore banks; Hong Kong proposes amendments to AML/CFT regulations; Committee on Payments and Market Infrastructures publishes the“Principles for financial market infrastructures Level 2 assessment report for Singapore; Financial Stability Board publishes report on financial stability implications from Fintech

Managing Upstream Risk - Issue 23

Basel Committee completes reviews of Singapore’s risk-based capital framework; Financial Stability Board publishes workplan to address the decline in correspondent banking; Monetary Authority of Singapore consults on Net Stable Funding Ratio (NSFR) and NSFR disclosure; People's Bank of China reins in wealth management products; Monetary Authority of Singapore proposes changes to Code on Collective Investment Schemes; The China Insurance Regulatory Commission revamps the equity management approach for insurers

Managing Upstream Risk - Issue 22

Financial Action Task Force publishes results of review on Singapore; Basel Committee of Banking Supervision publishes results of latest Basel III monitoring exercise; China Banking Regulatory Commission issues comprehensive risk management guidelines for commercial banks; Monetary Authority of Singapore proposes new regulatory framework and governance model for payments; Committee of Payments and Market Infrastructures publishes report on correspondent banking; The China Insurance Regulatory Commission introduces a product self-registration platform.

Managing Upstream Risk - Issue 21

MAS proposes legislative amendments to enhance the resolution regime; Basel Committee on Banking Supervision publishes a consultative document on revisions to the Basel III leverage ratio framework; Federal Reserve Board finalises rule on high-quality liquid assets; The European Banking Authority has disclosed the first list of Other Systematically Important Institutions (O-SIIs) in the EU; The China Insurance Regulatory Commission raises compliance standards for insurance companies.

Managing Upstream Risk - Issue 19

MAS proposes the removal of the DBU/ACU divide for banks, citing its decreasing relevance in an increasingly globalised regulatory environment; FSB has published its 9th progress report on the implementation of OTC derivatives market reforms, outlining the status of such reforms globally; CBRC issues measures on liquidity risk management, outlining that banks should have effective liquidity risk management structures; MAS releases a guidance on trade finance and correspondent banking, two areas identified where more robust AML/CFT controls are required; PBoC moves to regulate non-bank third party payment systems, by issuing a consultation on how to better protect against the risks of such systems; IAIS develops Higher Loss Absorbency Requirements for Global Systematically Important Insurers, a step towards develop risk-based global insurance capital standards

Managing Upstream Risk - Issue 18

MAS publishes framework for Domestic Systematically Important Banks (D-SIBs) in Singapore; A Thematic Review on Supervisory Frameworks and Approaches for Systemically Important Banks have been published by FSB4; Basel Committee consults on interest rate risk in the banking book; MAS launches consultation paper for proposed resolution regime for FIs in Singapore; EBA issues technical advice regarding contributions to the Single Resolution Fund

Managing Upstream Risk - Issue 16

FSIB has provided guidance on extending the regulations on resolution regimes and resolution planning to insurers, firms that hold client assets and financial market infrastructures; US and European regulators are pushing further in establishing a sound resolution regime for banks; Indonesia and China have unveiled plans to introduce deposit insurance schemes; MAS consults on revisions to Notice 610 and 1003; HKMA has announced its outcome of the FX investigation on Hong Kong banks

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