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Copyright Euromoney Institutional Investor PLC May 18, 2018
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New G-Sibs and cryptocurrency rules of the game, focus on AML, and a financial technology alliance in southeast Asia
Asia Pacific: clear-cut
The Hong Kong Exchange will implement Listing Rules amendments on highly dilutive capital raisings. Under the new rules, rights issues, open offers and specific mandate placings, individually or when aggregated within a rolling 12-month period that would result in a cumulative material value dilution of 25% or more will be disallowed. Other changes include the imposition of mandatory minority shareholders' approval for open offers and restriction on placing of warrants or convertible securities under general mandate.
Japan's Financial Services Agency (JFSA) aims to strengthen review standards for cryptocurrency exchange operators with new rules by summer 2018. The registration process will involve not only documentation but site visits by the JFSA to see how the exchanges operate. Customer verification processes, especially for large transfers, will be enhanced to prevent money laundering.
The Alliance for Financial Stability with Information Technology, also known as AFS-IT, was launched in Hong Kong. The aim of the alliance is to foster dialogue and innovation in the use of information technology to improve regulation across the region. The alliance includes participants from Hong Kong, Macau, Philippines and Cambodia. Americas: all in order
The US Federal Reserve's vice chairman for supervision Randal Quarles, has announced he intends to implement a recalibration and review process of foreign banks' capital requirements, which would also tie in with a simplification of the resolution framework if a bank fails. He noted this would improve the prospects of 'successful resolution for both foreign global systemically important banks [G-Sibs] operating in the United States, and for US G-Sibs operating abroad'. Over at the Securities and Exchange Commission, the focus is firmly on cryptocurrencies. The regulator has launched a fake initial coin offering website...
