Capital / Liquidity

UBS Completes Merger With Credit Suisse Swiss Unit

02/07/2024

Sabine Keller-Busse, President of UBS Switzerland said the completion of the Swiss entities’ merger marks an important milestone.

Sanctions

UniCredit Seeking Clarity on ECB’s Russia Exit Orders

02/07/2024

The ECB ordered UniCredit in May to further speed up its withdrawal from Russia. The bank is seeking legal clarity on its obligations.

Enforcement

China: New Law Strengthens Penalties for Accounting Fraud

02/07/2024

The new Accounting Law significantly increases penalties for financial fraud and for the first time includes the phrase “internal control”.

Crypto / Digital Assets

Trade Bodies to Develop Disclosure Guidelines for Digital Assets

02/07/2024

Four trade associations have organised a Steering Committee to propose new disclosure guidelines for digital asset tokens offered in the US.

Capital / Liquidity

APRA Identifies Recovery Planning Weaknesses at Super Funds

02/07/2024

APRA said improvements are needed to meet new recovery and exit planning requirements by 1 January 2025.

Market Infrastructure

ESMA Extends TAIFEX Recognition to Cover TWD NDFs

02/07/2024

ESMA recognised TAIFEX as a TC-CCP in December 2022 initially just for interest rate swaps. TWD non-deliverable forwards are now approved.

Securities / Derivatives

HKEX Proposes to Reduce Tick Sizes in Securities Market

02/07/2024

HKEX says the proposal will lower overall transaction costs, improve price discovery and boost liquidity.

Enforcement

US SEC’s Use of In-house Judges Ruled Unconstitutional

02/07/2024

The ruling curbs the SEC’s internal adjudication powers and is expected to also impact more than two dozen US agencies.

AML / KYC

FinCEN Proposes Rule to Enhance FIs’ AML/CFT Programmes

02/07/2024

The rule will explicitly require AML/CFT programmes to be “effective, risk-based, and reasonably designed” based on a risk assessment.