PEPs & Sanctions

Sanctions Force Russian Sovereign Debt Default

28/06/2022

Russia made USD 100 million in payments due on 27 May to Euroclear, but the funds were not delivered to investors due to sanctions.

Conduct, Culture & Accountability

SFC Fines CES Capital for Fund Management Failures

28/06/2022

CES Capital International failed to perform sufficient due diligence and monitoring of the underlying investments of two funds.

Trading & Investment

CBIRC Approves Goldman-ICBC Launch of Wealth Management JV

28/06/2022

Goldman Sachs ICBC Wealth Management, set up in May last year, becomes the fourth Sino-foreign wealth management JV approved to commence operations.

Credit Risk

RBI to Require Banks to Use ECL Approach in Provisioning

28/06/2022

Banks were initially due to use the ECL approach to estimate and provision for credit losses from 1 April 2018, but the RBI had deferred implementation.

Structural Regulation

China Tightens Anti-Monopoly Rules to Improve Oversight

28/06/2022

The amendments seek to encourage innovation while also protecting fair competition in the market, incuding by raising penalties for monopolistic behaviour.

Anti-Money Laundering

AUSTRAC Updates Guidance on Reporting Cash Transactions

28/06/2022

When a customer makes multiple cash transactions of A$10,000 or more, each individual transaction is considered a separate and distinct designated service.

Liquidity Risk

BIS Launches Yuan Liquidity Facility for Central Banks

28/06/2022

Central banks from China, Hong Kong, Singapore, Malaysia, Indonesia and Chile are creating a reserve pool to guard against market stresses.

Conduct, Culture & Accountability

ASIC Issues New Guidance on Product Design and Distribution

28/06/2022

ASIC has identified behavioural levers that can influence consumer outcomes and situational vulnerabilities that can amplify poor outcomes.

Trading & Investment

US Lawmakers Conclude Review Into Meme Stock Market Event

28/06/2022

A House committee says the SEC should introduce a liquidity rule for clearing brokers and FINRA should establish liquidity planning requirements.