BIS and HKMA signed the Operational Agreement on the BIS Innovation Hub Center in Hong Kong Special Administrative Region (SAR). The hub is intended to identify and develop in-depth insights into critical technology trends affecting central banking and to serve as a focal point for a network of central bank experts on innovation. It will also work toward developing public goods in the technology space geared toward improving the functioning of the global financial system. In June 2019, BIS had announced that Hub Centers for central banks will be set up in Hong Kong, Singapore, and Basel, Switzerland, in the initial phase. However, as part of the second phase of implementation, Hub Centers will be added across the Americas and Europe.
Keywords: International, Asia Pacific, Hong Kong, Banking, Central Banking, Innovation Hub, Fintech, Regtech, HKMA, BIS
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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.
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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.
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The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.
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