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Another week, another regulator falls in line

The latest IM deadline passed at the start of this month without fanfare, and larger firms were able to breathe their fourth sigh of relief. A year from now, the challenge will not be as “easy”. In Phase 4, approximately 35 firms fell in-scope of the €750 bn threshold. Updated numbers for Phase 5 show […]

HKMA latest IM domino to fall

Earlier today, the Hong Kong Monetary Authority announced their intention to adopt the BCBS/IOSCO’s revised implementation schedule. Their updated deadlines are as follows: For target institutions with Non-Cleared OTC derivatives of more than HKD 375 billion the date will be 1 September 2020. For target institutions with Non-Cleared OTC derivatives of more than HKD 60 […]

Singapore and Korea join rush to delay IM

The Korean Regulator, FSS, is the latest regulator to announce that they will adopt the BCBS/IOSCO guidelines for mitigating risk for non-cleared OTC contracts. This decision follows a recent publication by the MAS (Singapore’s regulatory authority) where they stated that they would also use BCBS/IOSCO’s framework for Non-Centrally Cleared Derivatives in determining whether margin requirements […]

Hong Kong joins the rush to slow down WGMR compliance

The Hong Kong Monetary Authority (HKMA) yesterday announced its 6 month “transitional period” (read- delay) to the application of its non-cleared margin rules. The HKMA has taken the same approach as Singapore’s MAS, expecting covered entities to “to begin exchanging margin as soon as practicable”. Unlike both Singapore and Australia, the HKMA does not have […]

Singapore and Australia finalise VM compliance

To rephrase the old complaint- you wait for ages for a WGMR update then two arrive at once. The MAS in Singapore and the APRA in Australia have today issued revised and final timelines for compliance with their respective non-cleared margin rulesets. The APRA announced that Prudential Standard CPS 226 Margining and risk mitigation for […]

Singapore Fleshes Out RRP Early Termination Regime

Introduction On 23 June 2015, the Monetary Authority of Singapore (MAS) published its “Proposed Enhancements to Resolution Regime for Financial Institutions in Singapore”.  With the consultation period closing on 22 July 2015, the consultation paper seeks rapid feedback on a number of issues affecting firms in Singapore which have been notified as being systemically important […]

Singapore’s benchmark Sling diluted

On 29 July 2014, the Monetary Authority of Singapore (MAS) published a consultation paper on the proposed regulation for financial benchmarks, along with a response to the feedback received during the initial phase of public consultation held in 2013. The proposed regulation on financial benchmarks in Singapore is unmistakably an offshoot from the FCA’s approach […]

MAS publishes draft regulations for reporting FX

On 9 July 2014, the Monetary Authority of Singapore (MAS) published a Consultation Paper on “Draft Regulations for Reporting of Foreign Exchange Derivatives Contracts”. Regulations on interest rate and credit derivatives were issued previously, with a reporting commencement date ranging from 1st April 2014 to 1st October 2015. The draft regulations now aim to cover […]

MAS Publishes its Proposed Framework to Identify D-SIBs and Establish Policy Measures

On June 26 2014, the Monetary Authority of Singapore (MAS) published a consultation paper on the Proposed Framework for Systematically Important Banks in Singapore. MAS intends to assess the impact of a D-SIB’s failure having regards to the four bank-specific factors taken from the BCBS D-SIB framework: size; interconnectedness; substitutability; and complexity. Given the focus on […]

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