Asia Pacific Financial Services & Regulatory Updates.

26 February, 209

 

Welcome to the 22nd edition of Baker McKenzie's quarterly Asia Pacific Financial Services & Regulatory Newsletter.

 

This newsletter is designed to give you a snapshot of key regulatory and market developments in the financial services sectors throughout the region. This edition focuses on developments in Australia, Hong Kong, Indonesia, Malaysia, the Philippines and Singapore during the last quarter of 2018. .

 

AUSTRALIA Australian Prudential Regulation Authority Provides Guidance on How to be a Good BEAR     . The Australian Prudential Regulation Authority has released Information Paper: Implementing the Banking Executive Regime setting out its expectations of authorised deposit-taking institutions when meeting their obligations under the Banking Executive Accountability Regime.    Read more    HONG KONG New Measures for Crypto Funds; Sandbox Plans for Crypto Exchanges   Hong Kong's Securities and Futures Commission (SFC) is adopting new measures to protect the interests of investors in virtual asset portfolios or funds, and explore the potential regulation of virtual asset trading platforms.  Read more   MALAYSIA Digital Currencies, Tokens Regulated as Securities under Malaysian Securities Laws Pursuant to the Capital Markets and Services Order 2019, which came into force in January 2019, digital currencies and digital tokens which are not issued or guaranteed by any government body or central bank, and fulfills other specific features, are prescribed as securities.   Read more   SINGAPORE Proposed Revision to Exemption Framework for Cross-Border Business The Monetary Authority of Singapore released a consultation paper proposing revisions to the exemption framework for cross-border business arrangements between financial institutions in Singapore and their foreign related corporation.   READ MORE

AUSTRALIA Australian Securities and Investments Commission Reviews "Buy Now Pay Later" Arrangements        In November 2018, the Australian Securities and Investments Commission released a report reviewing "buy now pay later" (BNPL) arrangements. The report highlighted eight findings and put the spotlight on key concerns with BNPL products.   Read more    INDONESIA OJK Issues Regulation on Fit and Proper Test Reassessment    On 27 December 2018, the Financial Services Authority issued OJK Regulation No. 34/POJK.03/2018 on Fit and Proper Test Reassessment for Primary Parties of Financial Services Institutions.   Read more   PHILIPPINES National Payment System Act Takes Effect    The Philippines recently passed Republic Act No. 11127, otherwise known as the "National Payment Systems Act," legislation intended to promote the safe, secured, efficient and reliable operation of payment systems within the Philippines. It took effect on 2 December 2018.   Read more   SINGAPORE Payment Services Bill Introduced in Parliament   The Payment Services Bill was introduced in Parliament in November 2017 and has been moved for First Reading. It empowers the Monetary Authority in Singapore to regulate 7 types of payment services for money laundering and cyber risks, among others.  READ MORE

HONG KONG CSRC Allows HK Entities to Provide Advisory Services to Mainland Chinese Investors   The China Securities Regulatory Commission has opened a new avenue for Hong Kong-licensed asset managers to serve as sub-advisers to Chinese funds through Interim Provisions. Research reports focused on "southbound" stocks can now be distributed in mainland China. Read more    MALAYSIA Contributions from Insurers to the B40 Fund Budget 2019 places a significant emphasis on the bottom 40% of households with a monthly income of RM 3,900 and below (B40), which includes the proposal to establish a fund to provide the B40 with insurance cover at no charge. Read more   SINGAPORE MAS Issues Guidance on Regulation of Digital Tokens   The Monetary Authority of Singapore (MAS) has issued an updated guide on digital token offerings, which covers how proposed payment regulations would affect digital tokens providers and issuers, given the first reading of the Payment Services Bill.      Read more   EUROPE Cryptoassets: Europe Moves Towards Regulation   The European Securities and Markets Authority has published advice on ICOs and cryptoassets to the European Commission and other EU institutions, identifying gaps and issues with current EU regulation.    READ MORE

 

For further information, please contact:

 

Stephanie Magnus, Principal, Baker & McKenzie.Wong & Leow

stephanie.magnus@bakermckenzie.com