HKMA issued a circular to all authorized institutions on the explanatory note, issued by IA of Hong Kong, on licensing requirements for banking sector under the regulatory regime for insurance intermediaries. The regulatory regime for insurance intermediaries is an activity-based regime that came into operation on September 23, 2019. Under the regime, any person carrying on a regulated activity under the Insurance Ordinance is required to be licensed by IA. The explanatory note provides guidance on the extent to which certain insurance-related banking activities would be regarded as regulated activities and thus authorized institutions and their staff would be required to be licensed under the Insurance Ordinance.
The note contains a set of frequently asked questions (FAQs) to illustrate the relevant requirements. The FAQs are not intended to be exhaustive and they will be kept under review and updated when necessary. The explanatory note has been prepared in consultation with HKMA, Hong Kong Association of Banks, Private Wealth Management Association, and DTC Association. Authorized institutions should study the explanatory note carefully and put in place adequate policies, procedures, and controls as well as provide sufficient training to their staff to ensure compliance with the relevant requirements under the Insurance Ordinance.
Keywords: Asia Pacific, Hong Kong, Banking, Insurance, Regulatory Regime, Insurance Intermediaries, Insurance Ordinance, Guidance, FAQ, IA, HKMA
The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).
The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.
The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.
The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.
The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).
The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.
The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.
The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.
In a letter to the federally regulated financial institutions and pension plans, the Office of the Superintendent of Financial Institutions (OSFI) published a summary of the feedback received to the January 2021 discussion paper on ways to address climate risks.