China’s banking and insurance regulator has imposed fines on China Merchants Bank, Shanghai Pudong Development Bank and Industrial Bank for various violations.
The bank acknowledges it manipulated bank bill swap rates on five occasions and indulged in “unconscionable conduct” in its A$25 million settlement with ASIC.
Proposed data sets include questions for determining whether governance processes appropriately use compensation and incentive systems to promote good conduct, remediate undesirable conduct and support identification of emerging misconduct risk.
Former representative deliberately concealed identity of beneficial owner on three accounts, making it difficult for the bank to monitor and detect suspicious transactions.
Guidelines to take effect in June specify margin calculation methods, collection and enforcement norms, and method of calculation of trading and clearing members' liquid net worth, effective from June.
OJK amended rules for trading in options, doing away with the 10% margin call requirement. The move is expected to stop the flow of options trading to other markets that don't have the requirement.
Prudential inquiry reveals widespread complacency, inadequate risk management, unclear executive level accountabilities, among other failings at the bank.
Mandatory clearing to apply to SGD and USD fixed-floating interest rate swaps; applicable to banks with OTC derivatives exceeding SGD20 bn.
New rules include leverage limits, a ban on implicit guarantees, risk reserve provisioning amounting to 10% of management fees; transition period for full compliance to last until end-2020.
Extension to give listed companies more time to provide data to depositories on foreign investment; data to enable daily calculation of foreign investment in listed companies.