Enforcement

MAS Bans Former HSBC, UOB Employees for ‘Egregious’ Misconduct

11/04/2019

Three individuals have received lengthy bans, in addition to jail terms, for “criminal conduct at the expense of their customers”.

Capital / Liquidity

Federal Reserve Consults on New Rules for Foreign Banks in the US

11/04/2019

The proposals could relax capital and stress testing requirements for US branches of foreign banks, but impose stricter liquidity rules on those that engage in riskier activities.

Capital / Liquidity

BCBS Reorganises Standards in Consolidated “Basel Framework”

11/04/2019

The consolidated Basel Framework has been published initially in draft form, together with a consultative document on technical amendments to the standards.

Enforcement

UniCredit China Employee Embezzled $15mn of Client Money

10/04/2019

The employee allegedly used a group supervisor’s password to access the funds, which were used to buy apartment units in the US, Greece and Japan.

Securities / Derivatives

China Expands Retail Access to Government Bonds

10/04/2019

With the government bond market now open to retail investors, China is relaxing a restriction that only allowed bond-buying during the first 10 days of the month.

Securities / Derivatives

Digital Asset, ISDA Collaborate to Drive Adoption of ISDA CDM

10/04/2019

Digital Asset will help create a new reference code library that will simplify and standardise the process of generating lifecycle events defined in the ISDA Common Domain Model.

AML / KYC

Standard Chartered Fined Over $1bn by US, UK Authorities

10/04/2019

Standard Chartered Bank will pay $947mn to US authorities for poor AML controls and sanctions breaches, and $134mn to the UK FCA for AML breaches.

New Zealand Financial Services Bill Puts Client Interests First

10/04/2019

New Zealand has passed new legislation enabling a new framework for regulating financial advice. The new regime will come into effect in the first half of 2020.

Enforcement

S. Korea Fines Another Goldman Affiliate for Naked Short Selling

10/04/2019

Goldman Sachs India Investment, along with three other offenders, has been fined for naked shorting by South Korean authorities