Enforcement

CFTC Settles Deutsche Bank Spoofing, Swaps Reporting Cases

19/06/2020

Deutsche Bank will pay $9mn for violating swap data reporting requirements during a system outage, and $1.25mn for spoofing carried out by two Tokyo-based traders.

Enforcement

SFC Publicly Criticises CICC Units for Breaching Takeovers Code

19/06/2020

CICC and CICC Financial Trading – as associates of the CICC securities unit advising on certain offers – dealt in the relevant securities without making timely disclosures.

Capital / Liquidity

Bangladesh Defers End Date of Covid-19 Loan Classification Rules

19/06/2020

Banks should not change the classification of loans between 1 January and 30 September this year, even if borrowers fail to meet their scheduled repayment obligations.

AML / KYC

US Passes Bill Threatening Sanctions Over Uyghur Human Rights

19/06/2020

The bill allows the US President to impose sanctions against Chinese officials identified as responsible for human rights abuses against Muslim minority groups in Xinjiang.

AML / KYC

UK FCA Fines Commerzbank $47m for 5 Years of AML Failures

19/06/2020

Commerzbank’s London Branch failed to conduct periodic due diligence on clients, address transaction monitoring weaknesses, and to have adequate CDD policies and procedures in place.

ESG / Sustainability

HKMA Publishes Banking Sector Talent Gap Findings

18/06/2020

Key skill gaps in the banking workforce were identified in areas relating to technology and data, cybersecurity, core banking knowledge, regulation and compliance, and climate risk management.

Securities / Derivatives

CSRC Approves Full JP Morgan Control of Futures Joint Venture

18/06/2020

JP Morgan will boost its stake in the joint venture from 49% to 100%, making it the first fully foreign-owned futures business in China.

Fintech / Regtech

MAS: 14 of 21 Digital Bank Applicants Assessed as ‘Eligible’

18/06/2020

These applicants assessed as eligible will progress to the next stage of assessment, where they will be invited to present their proposals via virtual meetings.

Enforcement

High-level Panel Proposes Overhaul of SEBI Enforcement Mechanism

18/06/2020

The panel says intermediary regulations need to be amended to speed up enforcement action, and that SEBI should be granted the authority to seize assets subject to investigation.