Regulator says violations could make investors ‘lose faith in the Indian securities market and even good companies will find it extremely difficult to raise capital’.
FSA’s commissioner ‘embarrassed to see regional banks’ balance sheets in their core businesses deteriorate more quickly than we expected.’
Technology will be offered 1st in Singapore to meet January 2018 IFRS 9 deadline, can be extended to stress testing and other regulatory requirements.
Two-stage testing of Phase 2 reporting to depository covers interest rate, foreign exchange, equity, credit and commodity derivatives.
Chief compliance officer must be full-time, boards given overarching responsibility; foreign banks must translate all documents into English.
Firms claim share price would not have suffered as precipitous a decline if claims of money laundering had been revealed earlier.
Internal reorganisation acknowledges growing role of fintech, which will be regulated by FSA Planning and Coordination Bureau with enhanced powers.
Trade organisation says move to local CCPs could push up initial margin costs by 20% or more; cites Australian equivalency model.
SEBI warned nearly 500 entities on possible money laundering over the last financial year; conducted 245 investigations into illegal stock market activity.
Banks will be required to calculate leverage ratios as of June 30 this year in response to consultation before full requirement comes into effect.