Plan to prevent rotten apples from turning over
The Hong Kong Monetary Authority announced a mandatory reference verification system and its implementation guidelines aimed at addressing the problem of “twisting bad apples,” a term for people who commit misconduct at a financial institution without disclosing it. Can get a new job. The new regulation requires authorized institutions to conduct mandatory reference checks prior to hiring. For in-scope positions, Authorized Institutions must contact a prospective employee’s past and current employers for conduct information up to seven years prior to application. Reported misconduct information includes violations of legal or regulatory requirements, incidents that raise doubts about the integrity and integrity of an individual, and internal or external disciplinary actions resulting from incidents of conduct.
Digital Assets Act
South Korea’s new government is scrambling to introduce a digital currency law that could be implemented in 2024. A report by Korean news site Kookmin Ilbo suggested that new President Yoon Suk-yol is planning to introduce the Digital Asset Basic Act in 2023, bringing digital assets and related activities such as non-fungible tokens and initial coin offerings to the institutional system in order to to strengthen investor confidence. The government will also evaluate the Bank of Korea Act, which includes plans for a central bank digital currency.
Seoul Financial Crime Team Reinstated
The Seoul South District Procuratorate reorganized its Financial Crimes Division into the Financial and Securities Crimes Joint Investigation Team. The investigative team’s predecessor was formed in February 2014 and formed and disbanded in January 2020 as part of then-Attorney General Chu Mi-ae’s reform campaign against outgoing President Moon Jae-in in an effort to reduce direct investigations by prosecutors. went. The team now includes seven prosecutors, 29 procuratorial investigators, and 12 officers from the Financial Services Commission, Financial Supervisory Service, Korea Exchange, and National Tax Service, who will track illicit transfers of funds and capital, collect evaded taxes, and analyze companies, collect, and analyze transaction data and seize criminal proceeds.
According to corporate research agency Tokyo Shoko Research, 137 cases of personal data leaks were reported by listed Japanese companies in 2021, a record high and a 30% increase from the previous year. See more here
JPX will launch Carbon Market
The Japan Exchange Group (JPX) and the Japanese Ministry of Economy, Trade and Industry (METI) will create the country’s first carbon emissions trading market. JPX plans to launch a demonstration project for a specific market on the Tokyo Stock Exchange in September and full-scale launch in April 2023. JPX and METI expect market opening to encourage more companies to trade emissions. Businesses will set emission reduction targets for 2030 and the government will validate carbon credits. Those who miss their emission targets can purchase credits.
BSP issues guidelines for rural programs
The Central Bank of the Philippines, Bangkok Central ng Pilipinas (BSP) has issued guidelines for the three-year implementation of the Rural Bank Strengthening Program to improve the operations, capacity and competitiveness of rural banks due to their important role in promoting rural development and inclusive growth. were issued. Economic development. The program has four key elements: a strong capital base; a composite menu of five timed tracks; incentives and interventions to build capacity; and reviewing and improving existing regulations.
This is the first time since 1986 that [new Philippine] administration that won [the election] President and Vice President as a team
Gilbert Raymund Reyes
Founding partner of Poblador Bautista and Reyes in Manila
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NFT Transfer Block Testing Legal Oversight
In one of the first such cases, the High Court of Singapore issued an injunction against the sale of a non-fungible token (NFT) by the Bored Ape Yacht Club chain, barring the sale of the token pending an ownership dispute. was solved. The law recognizes fungible and non-fungible tokens as assets subject to an injunction, and the NFT case is a rigorous application of that principle, meaning investors have rights that can be protected. The plaintiff frequently borrows money from NFTFI, a platform that uses NFTs as collateral for crypto lending, while the identity and whereabouts of the defendant are unknown.
SEC proposes stricter IT rules
Thailand’s Securities and Exchange Commission (SEC) will revise its 2016 rules and guidelines for setting up IT systems. The proposed changes aim to keep pace with the changing use of IT in business practices and increasingly sophisticated cyber threats; revise preventive measures to eliminate the security traps caused by IT incidents in the capital markets; and update IT rules and guidelines issued by other financial regulators. The goal is to achieve the SEC’s strategic priority of building cyber resilience and ensuring that licensed companies have efficient IT systems that are resilient to cyber threats and can effectively comply with applicable regulations. .
Regulatory, FSA Ink Agreement
The Securities Commission Malaysia (SC) and Labuan Financial Services Authority (FSA) have signed a Memorandum of Understanding (MoU) to enhance the 2004 agreement between the two authorities in light of the changing business and regulatory landscape. The memorandum deals with the development and regulation of capital market operations in Malaysia. This will allow the Malaysian Financial Services Authority and Labuan FSA to enhance cooperation in mutually beneficial areas such as risk oversight and capital market stability, as well as improve technical assistance, capacity building and information sharing.
Draft law targets digital platforms
On May 4th, Vietnam’s Ministry of Information and Communications published a bill on electronic transactions for public comment on July 4th. The effective date of the draft is undetermined. The draft’s 104 articles and 11 chapters will replace existing legislation on electronic transactions and propose new digital signatures, digital identities, trusted services and electronic contract rules for companies serving Vietnam. Chapter VII of the draft regulates digital platforms and is Vietnam’s adoption of the Digital Services Act and the Digital Markets Act of the European Union.