Japan 

Overview of financial results of major insurance companies, major banks, and regional banks as of September 30, 2017. The FSA compiled the financial results, as of September 30, 2017, that have been announced by major insurance companiesmajor banks, and regional banks. (12/1/2017) 

Hong Kong 

SFC announces investor identification for Northbound trading under Stock Connect. The SFC announced that it has reached an agreement with the China Securities Regulatory Commission on proposals to introduce an investor identification regime for Northbound trading under Mainland-Hong Kong Stock Connect. To prepare the market, the Stock Exchange of Hong Kong will soon issue an information paper on the operational details of the proposed regime, which is scheduled to be implemented by the third quarter of 2018. (11/30/2017) 

Joint reviews by HKMA and SFC on managing conflicts of interest in financial groups. The Hong Kong Monetary Authority and the SFC announced that they have issued a circular highlighting observations from their recent joint thematic reviews on the potential conflicts of interest arising from the sale of in-house products by registered institutions and licensed corporations within a single financial group. The reviews mainly focused on internal controls and compliance. (11/24/2017)  

SFC concludes consultation on asset management regulation and point-of-sale transparency, and consults on disclosure requirements for discretionary accounts. The SFC announced that it has released consultation conclusions on proposals to enhance asset management regulation and point-of-sale transparency.  The SFC also launched a consultation on disclosure requirements applicable to discretionary accounts and commenced a two-month consultation on the proposed requirements for disclosure of monetary and non-monetary benefits by licensed or registered persons to discretionary account clients. Comments on the proposed disclosure requirements must be submitted by January 15, 2018. (11/16/2017)   

Singapore   

Consultation paper on strengthening the process for determining SGS and MAS bills closing prices. The MAS announced that it has published a Consultation Paper, in which it proposes a framework to strengthen the process of determining Singapore Government Securities (SGS) and MAS Bills end-of-day prices. Comments must be submitted by January 19, 2018. (12/1/2017)   

Financial Stability Review (FSR) 2017. The MAS released its Financial Stability Review, in which it assessed of risks and vulnerabilities arising from developments in Singapore and the global economy, and assessed their implications for the soundness and stability of Singapore’s financial system. 11/30/2017)   

MAS and Abu Dhabi Global Market foster closer cooperation in banking supervision. The MAS and Abu Dhabi Global Market announced that they have signed an MoU to strengthen the supervision of cross-border operations of banking institutions. (11/23/2017)   

Consumer Price Developments in October 2017. The MAS and the Ministry of Trade and Industry released a report on Consumer Price Developments in October 2017. (11/23/2017)   

MAS launches second consultation on new regulatory framework for paymentsThe MAS announced that it has launched a second consultation on its proposed payments regulatory framework, known as the Payment Services Bill. The Bill will streamline the regulation of payment services under a single legislation, expand the scope of regulated payment activities to include virtual currency services and other innovations, and calibrate regulation according to the risks posed by these activities. Comments on the CP must be submitted by January 8, 2018. (11/21/2017)

Payments Council endorses Singapore Quick Response Code Specifications for electronic payments. The MAS announced that the Payments Council has endorsed the specification for a common Singapore Quick Response Code that can accept electronic payments by both domestic and international payment schemes, e-wallets, and banks. (11/20/2017)   

Consultation paper on execution of customers’ orders. The MAS published a Consultation Paper on the Execution of Customers’ Orders, in which it is proposing to formalize expectations for holders of a capital markets services license, banks, merchant banks and finance companies to have in place policies and procedures to place and/or execute customers’ orders on the best available terms to support fair outcomes for customers. Comments on the CP must be submitted by December 18, 2017. (11/20/2017)

ASEAN Financial Innovation Network to support financial services innovation and inclusion. IFC, a member of the World Bank Group, the MAS, and the ASEAN Bankers Association, introduced, an industry FinTech sandbox for financial institutions and FinTech firms as part of the ASEAN Financial Innovation Network, at the sidelines of the 2017 Singapore FinTech Festival. (11/16/2017)   

Singapore and Hong Kong launch a joint project on cross-border trade and trade finance platform. The MAS announced that it and the Hong Kong Monetary Authority have exchanged an MoU in Singapore to jointly develop the Global Trade Connectivity Network, a cross-border infrastructure based on distributed ledger technology, to digitalize trade and trade finance between the two cities and potentially with an aim to expanding the network in the region and globally. (11/15/2017)   

MAS and the KNF expand cooperation in FinTech. The MAS announced that it and the Polish Financial Supervision Authority (KNF) signed a FinTech Cooperation Agreement that lays out a framework for cooperation and referrals between the two regulators. (11/15/2017)   

New S$27 million grant to promote Artificial Intelligence and Data Analytics in Financial Sector. The MAS announced details of the new S$27 million Artificial Intelligence and Data Analytics Grant under the Financial Sector Technology and Innovation Scheme. This new grant aims to promote the adoption and integration of Artificial Intelligence and data analytics in financial institutions. (11/15/2017)   

FS-ISAC and MAS to strengthen cyber information sharing across nine countries. The MAS and the Financial Services Information Sharing and Analysis Center (FS-ISAC) announced that they have launched the FS-ISAC Asia Pacific Regional Analysis Centre’s office and operations in Singapore. The Centre currently supports 49 financial institutions across nine Asia Pacific countries (Australia, India, Japan, Malaysia, New Zealand, Singapore, South Korea, Taiwan and Thailand). The next FS-ISAC AP Summit will take place in Singapore from July 17 -18, 2018, and includes member meetings, workshops and simulated exercises. (11/14/2017)   

Source-codes of successful distributed ledger prototypes publicly released to encourage innovation in inter-bank payments. The MAS announced that the industry consortium led by it and The Association of Banks in Singapore has released the report and source-codes on distributed ledger prototypes for inter-bank payments. (11/14/2017)   

Australia   

ASIC overview of licensing and professional registration - July 2016 to June 2017. ASIC announced that it has reported on its approach to and assessment of license applications and professional registrations for the period July 2016 to June 2017. (11/30/2017)   

ASIC reports on cyber resilience assessments of financial markets firms. ASIC announced that its report on the cyber resilience of over 100 firms operating across Australia’s financial markets has shown a growing understanding of cyber risks, but there is still some progress to be made. Cyber resilience of firms in Australia’s financial markets collates and analyzes the results of self-assessments from over 100 stockbrokers, investment banks, market operators, post-trade infrastructure providers and credit rating agencies. (11/30/2017)   

ASIC appoints expert to review fees and costs disclosure settings. ASIC announced that it has appointed Darren McShane to conduct an expert review of fees and costs disclosure in superannuation and management investments. (11/28/2017)   

Dubai and Australia seal agreement on fintech cooperation. The Dubai Financial Services Authority and ASIC announced that they have signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction. (11/23/2017)   

ASIC welcomes consultation on changes to fees-for-service. ASIC welcomedthe release by Treasury of a consultation paper proposing changes to fees-for-service. (11/23/2017)   

ASIC helps limited AFS licensees understand their obligations. ASIC announced that it has released new webpage guidance and information sheets to help limited Australian Financial Services (AFS) licensees and their representatives understand their key obligations. (11/22/2017)   

ASIC makes consolidated market integrity rules. ASIC announced that it has made market integrity rules, which consolidate 13 of the existing 14 rule books into four rule books to create a common set of rules for securities markets and a common set of rules for futures markets. (11/17/2017)   

ASIC releases guidance for the Financial Services and Credit Panel. ASIC announced that it has released regulatory guidance on the newly established Financial Services and Credit Panel (FSCP). Regulatory Guide 263 Financial Services and Credit Panel sets out the principles and processes of the FSCP, and covers the types of matters to be referred to sitting panels of the FSCP and the hearing procedures and decisions of these panels. (11/16/2017) Regulatory Guide 263 Financial Services and Credit Panel (RG 263) sets out the principles and processes of the FSCP. It covers the types of matters to be referred to sitting panels of the FSCP and the hearing procedures and decisions of these panels.   

ASIC confirms restricted use of ‘independently owned’ in financial services. ASIC announced that it has updated regulatory guidance to confirm restrictions, which were announced in June 2017, on the use of terminology that implies independence. ASIC updated Regulatory Guide 175 Licensing: Financial product advisers – conduct and disclosure to include guidance that terms such as “independently owned,” “'non-aligned,” and “non-institutionally owned” are restricted under the Corporations Act. (11/14/2017)   

APRA and ASIC publish key industry data on life insurance claims. APRA and ASIC announced that they have released initial industry-aggregate results from round one of a new data collection pilot on life insurance claims. (11/9/2017)