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NEWSLETTER: Inevitably the theme from regulators worldwide continues to be recovery from the pandemic and building resilience for the future.
In Hong Kong the regulators have been exploring exemptions from quarantine and mass vaccination.
In a recent circular, the SFC is as close as any regulator has got to insisting staff at licensed corporations are vaccinated. It urges them to “consider vaccination as a critical part of operational risk management”. Separately, the SFC, HKMA and Insurance Authority have all issued circulars which cover exemption from quarantine for senior executives of financial services firms – another step to help financial services return to normal. It’s no free pass though – the SFC has already had to make a number of clarifications to prevent people using exemptions for socialising or going on holiday.
In Singapore, MAS is looking to the future – issuing a circular to outline priorities for fund managers. Apart from the discontinuation of LIBOR, the focus remains on resilience: building portfolio resilience to environmental risk, strengthen fund resilience to liquidity risk, and again, operational resilience when remote working.
In our newsletter this month we look at the new Data Standards for Order Life Cycle regime in Hong Kong and the new industry group in Singapore for fund managers. We also look at how global regulators compare when it comes to ESG through the lens of our international colleagues
Head of Asia