HKMA and the French Prudential Supervisory and Resolution Authority ACPR signed a Memorandum of Understanding (MoU) to enhance collaboration in supporting fintech innovation. Under the MoU, HKMA and ACPR may collaborate on referral of innovative businesses, information and experience sharing, joint innovative projects, and expertise sharing. HKMA and ACPR share the view that through closer collaboration with each other, both authorities will be able to create an environment conductive to financial innovation in their respective markets.
The MoU was signed between Mr. Norman Chan, the Chief Executive of HKMA, and Mr. François Villeroy de Galhau, Chairman of ACPR and Governor of Banque de France. Mr. Villeroy de Galhau said that this MoU "underscores the strong bilateral ties" between HKMA and ACPR and this collaboration "will help both authorities share their expertise on the regulation of digital finance and ease the international expansion of innovative financial businesses.” Additionally, Mr. Norman Chan said: “To capture more fully the enormous opportunities offered by the new era of smart banking, there is a need to continue our cross-border fintech collaboration with major markets such as Europe. The signing of this MoU with France, one of the largest economies in Europe and a fast-growing fintech hub, signifies the HKMA’s commitment to further strengthening our ties with Europe in the area of fintech. ”
Related Link (in French): ACPR Press Release
Keywords: Asia Pacific, Europe, EU, Hong Kong, Banking, Fintech, Regtech, MoU, Cross-Border Cooperation, HKMA, ACPR
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.
The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.
EU published, in the Official Journal of the European Union, a corrigendum to the Delegated Regulation 2015/35, which supplements Solvency II Directive (2009/138/EC).
The European Banking Authority (EBA) published an Opinion on the scale and impact of de-risking in European Union and the steps that competent authorities should take to tackle unwarranted de-risking.