Enforcement

Another Former Huarong Executive Charged with Corruption

12/08/2019

The former chairman of Huarong Investment Stock Corp, Qin Ling, stands accused of using his position to seek benefits for others, accepting bribes, and embezzlement.

Market Infrastructure

ISDA Consultation on LIBOR Pre-Cessation Reveals Mixed Results

12/08/2019

ISDA received responses from 89 entities expressing a “wide variety of views” on whether and how to implement a pre-cessation trigger, with no clear majority for any approach.

Market Infrastructure

RBI Task Force Suggests Enhancements to Onshore Rupee Market

10/08/2019

The task force recommends implementation of margin requirements for non-centrally cleared OTC derivatives “at the earliest”.

AML / KYC

Australia Records Decline in Payment Fraud Rates

09/08/2019

AusPayNet’s latest data shows a decline in the overall rate of card fraud for 2018, alongside slower growth in online fraud.

Capital / Liquidity

RBI Cuts Consumer Credit Risk Weight, Offers Boost to NBFCs

09/08/2019

The RBI will increase bank exposure limits for NBFCs, allow on-lending to priority sectors, and enable near-real-time tracking of payments fraud through the creation of a centralised registry.

Enforcement

CSRC Imposes Six-Month Business Restriction on GF Securities

09/08/2019

The CSRC cited risk management and control deficiencies as reasons for the restrictions, after a hedge fund set up by the broker reported losses of $139mn for 2018.

Market Infrastructure

ISDA Begins Review of Post-trade Services

09/08/2019

ISDA is conducting targeted surveys to identify opportunities for greater automation, reduced operational risk and lower costs in post-trade services.

Securities / Derivatives

S. Korea Announces Adjusted Schedule for Initial Margin Rules

09/08/2019

Korea has adjusted its domestic implementation schedule for the incoming requirements, taking into account the one-year phased extension announced by BCBS and IOSCO in July.

Enforcement

APRA Fines Westpac A$1.5mn for Late EFS Reporting

09/08/2019

Westpac and two of its subsidiaries were late in filing monthly and quarterly reports for APRA’s Economic and Financial Statistics programme.