The Hong Kong Monetary Authority (HKMA) recently released its Consultation Conclusions Paper (“Consultation Conclusions”) on Implementation of Mandatory Reference Checking Scheme (“MRC Scheme”) to Address the “Rolling Bad Apples” Phenomenon.
The Monetary Authority of Singapore (MAS) recently released a consultation (“Consultation”) on its “Proposed Amendments to MAS’ Investigative and Other Powers under the Various Acts.” The amendments, to be introduced through the Financial Institutions (“Miscellaneous Amendments”) Bill (“proposed provisions”), will expand the supervisory and enforcement powers of the MAS under the following acts: Banking Act (BA); Credit Bureau Act; Financial Advisers Act (FAA); Insurance Act (IA); Payment Services Act (PS Act); Securities and Futures Act (SFA); Trust Companies Act (TCA); and the upcoming new omnibus Act (“new Act”) for the financial sector (collectively, “relevant Acts”).
Episode 12: Singapore – MAS Revises Technology Risk Management Guidelines The Monetary Authority of Singapore (MAS) recently revised its Technology Risk Management Guidelines 2021 after feedback from a 2019 public consultation and engaging with cyber security experts. In this episode, Stephanie Magnus, Ken Chia, and Ying Yi Liew take a closer look at compliance, regulator expectations, cyber threats, and other important considerations — taking into account that financial institutions encompass large multinational banks, insurance companies and small fintech startups.
In brief The amendments to the Law that oblige financial institutions to obtain and store real-time geolocation of clients’ mobile devices went into effect in a staggered manner and by sector As of 21 March 2021. The National Banking and Securities Commission (CNBV) will verify that financial institutions comply with…
In brief The UK’s fintech sector is due to get a major boost in reforms suggested as part…
Baker McKenzie and the Financial Times co-created a podcast series, the FT Big Deal, to examine the trends behind complex cross-border…
Baker McKenzie partnered with Risk.net in its annual ranking of the top operational risks for 2021. The report is based on a survey of 100 chief risk officers, heads of operational risk and senior practitioners at financial institutions, including banks, insurers, asset managers and infrastructure providers. These stakeholders chose their…
In brief On 12 March 2021, Law No. 27,613 (“Law”) was published in the Official Gazette, through which…
In brief Please join us for a new weekly video series, hosted by Baker McKenzie’s North America Government Enforcement…
On December 16, 2020, US Department of the Treasury delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. Treasury determined that both Vietnam and Switzerland are currency manipulators. For each country, Treasury assessed, based on a range of evidence…