Financial institutions will be required to forward references, hiring companies must check Financial Markets Association records.
Foreign financial institutions would be able to own 51% of a mainland securities firm, with all ownership restrictions to be removed in three years’ time.
Vice chairman says to allow more foreign banks to set up more than one holding company, which each regulated separately according to different risk profiles.
BIS report on Basel III implementation includes data from 39 Group 1 banks in Asia Pacific; 1H2017 saw largest ever profits of $262 billion.
Regulators want to ensure banks are determining interest rates properly as household debt stubbornly refuses to decline.
Requirement that banks disclose capital ratio which would trigger restrictions on capital distribution will be at the discretion of individual regulators.
Board suggests MAS need to state who is responsible for macro-prudential oversight; wants resolution regime extended to market infrastructure.
BNM proposals resemble Hong Kong’s MiC regime in setting out key responsibilities and requiring appointment and naming of responsible individuals.
Criminal charges laid by securities regulator nearly tripled in last nine months of 2018, although investigations started and concluded declined.
CBRC proposals would require banks to set up conduct management departments, submit conduct codes to regulator, establish whistle blower mechanism.