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
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.