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Last month, the US Office of the Comptroller of the Currency
( OCC ) finalized extensive revisions (the Revisions ) to its rules governing the activities and
operations of national banks, federal savings associations and
federally licensed branches of non-US banks ( Federal
Institutions ).
1 While many of the changes are
procedural or cosmetic, a number codify or clarify substantive
authorities and will affect the day-to-day operations of Federal
Institutions. The Revisions are effective on April 1, 2021.
As the chartering authority for Federal Institutions, the OCC
establishes rules that govern activities and transactions. These
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On 8 December 2020, the Monetary Authority of Singapore (MAS)
issued Guidelines on Environmental Risk Management (the Guidelines)
tailored to financial institutions (FIs) in three sectors: asset management, banking and insurance. The Guidelines are intended to
drive the transition to an environmentally sustainable economy by
enhancing the integration of environmental risk considerations in
FIs financing and investment decisions and promoting new
opportunities for green financing.
We previously covered the initial MAS proposals for the
Guidelines as they related to asset managers and insurers. This Legal Update will focus on the
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On 1 December 2020, the Hong Kong Stock Exchange (HKEX) launched the Sustainable and Green Exchange
(STAGE), a first-of-its-kind investment product platform supporting
sustainable and green finance in Asia. The centre of the platform
is an online Product Repository that initially hosts information on
29 sustainability-themed products including offering circulars,
bond framework documents and external certification documents. A
comprehensive Resources Library supplements this offering with case
studies, webinars, guidance materials, research papers and other
online resources related to sustainable finance. According to the
HKEX s Head of Markets, the platform will connect market