Our Scans · (FS.7.00) Banking Regulation · Weekly Summary

• [New] Regulations from the Securities and Exchange Commission, the EU (Network and Information Security Directive) and others are persuading corporate boards to supplement their security strategies by transferring risk to insurers. Security
• The Monetary Authority of Singapore (MAS) announced it has formed a partnership with Mastercard to strengthen the financial sector's capacity to fight cyber risks. Central Banking
• The next phase of the development efforts to support rule changes under UK EMIR and by the Australian Securities and Investments Commission and Monetary Authority of Singapore (MAS) is currently underway in the ISDA DRR and is expected to launch in April 2024. Derivsource
• Promoting effective competition: the FCA will improve the attractiveness and reach of UK wholesale markets, support firms to invest, innovate and expand through its innovation services, and continue to make it quicker and easier for firms to apply for authorization. Taylor Wessing
• Reducing and preventing financial crime: The FCA will increase investment in its systems to use intelligence and data more effectively in order to target higher risk firms and activities and continue working with partners to support system-wide improvements. Lexology
• The UK regulator, the Financial Conduct Authority, has repeatedly warned investors that they risk losing all their money if they buy cryptocurrency, with no possibility of compensation. Money Lowdown
• The US Securities and Exchange Commission (SEC) recently released a new rule resulting from a process intended to make companies disclose their climate-related financial risks to investors. The Equation
• The FCA confirmed that the ban on the sale of crypto derivatives to retail consumers remains in place, and reminded consumers that cryptoassets are high risk and largely unregulated. Ashurst
• Over the course of the next several years, regulatory requirements for ESG reporting will take effect for enterprises in the EU and the U.S. Securities and Exchange Commission (SEC). MarketScreener
• The SEC is expected to release its final rule soon to require companies to make new, standardized public disclosures on climate-related risks. Center for American Progress
• The U.S. Securities and Exchange Commission (SEC) has postponed its decision on whether to approve options trading on spot Bitcoin ETFs - which could open the door for more institutional capital into Bitcoin. Cointelegraph Magazine
• The Reserve Bank of New Zealand will focus on it's mandate as the sole prudential regulator, while the Financial Markets Authority would assume the role of sole conduct regulator. The Beehive
• A major environmental group has sued to challenge new rules issued by the U.S. Securities and Exchange Commission requiring public companies to report climate-related risks, arguing they do not go far enough to protect investors. Insurance Journal
• The Monetary Authority of Singapore will upgrade the national shared payment QR code SGQR + concept certification test to allow local merchants to accept QR code payment methods from different payment systems through a single financial institution. Fintech Finance
• New rules adopted by the Securities and Exchange Commission (SEC) in December will require most US Treasury transactions to be cleared by the end of 2025. Risk.net
• The Reserve Bank of India has told banks and other lenders to disclose more information about their climate-related financial risks so that stakeholders - from regulators to customers - can understand and assess the risk early. Economic Times
• ESG rating providers established in the EU will need to obtain prior authorization from the European Securities and Markets Authority. Lexology
• The U.S. Securities and Exchange Commission (SEC) has adopted a final rule with climate reporting standards that will require publicly traded companies to disclose their greenhouse gas emissions. National Association of Clean Air Agencies
• The U.S. Securities and Exchange Commission weakened a proposed climate disclosure rule after strong pushback from companies and others, and will no longer require companies to report some greenhouse gas emissions. AP News
• Under the incoming rules, hitherto unregulated ESG ratings providers in the European Union will have to be authorised and supervised by the European Securities and Markets Authority. MarketScreener
• Regulatory developments, such as reporting requirements from the Securities and Exchange Commission (SEC) and Corporate Sustainability Reporting Drive will lead a global push for environmental responsibility. Infor
• The Monetary Authority of Singapore said it will also maintain its exchange rate policy band known as the Singapore dollar nominal effective exchange rate or S$NEER. CNBC

Last updated: 23 April 2024