Enforcement

Taiwan Raises Max Penalty for Unauthorised Investments from China

11/04/2019

Taiwan has passed a legislative amendment raising the ceiling for fines against Chinese investment into local companies without authorisation.

Enforcement

MAS Bans Former HSBC, UOB Employees for ‘Egregious’ Misconduct

11/04/2019

Three individuals have received lengthy bans, in addition to jail terms, for “criminal conduct at the expense of their customers”.

Capital / Liquidity

Federal Reserve Consults on New Rules for Foreign Banks in the US

11/04/2019

The proposals could relax capital and stress testing requirements for US branches of foreign banks, but impose stricter liquidity rules on those that engage in riskier activities.

Capital / Liquidity

BCBS Reorganises Standards in Consolidated “Basel Framework”

11/04/2019

The consolidated Basel Framework has been published initially in draft form, together with a consultative document on technical amendments to the standards.

Enforcement

UniCredit China Employee Embezzled $15mn of Client Money

10/04/2019

The employee allegedly used a group supervisor’s password to access the funds, which were used to buy apartment units in the US, Greece and Japan.

Securities / Derivatives

China Expands Retail Access to Government Bonds

10/04/2019

With the government bond market now open to retail investors, China is relaxing a restriction that only allowed bond-buying during the first 10 days of the month.

Securities / Derivatives

Digital Asset, ISDA Collaborate to Drive Adoption of ISDA CDM

10/04/2019

Digital Asset will help create a new reference code library that will simplify and standardise the process of generating lifecycle events defined in the ISDA Common Domain Model.

AML / KYC

Standard Chartered Fined Over $1bn by US, UK Authorities

10/04/2019

Standard Chartered Bank will pay $947mn to US authorities for poor AML controls and sanctions breaches, and $134mn to the UK FCA for AML breaches.

New Zealand Financial Services Bill Puts Client Interests First

10/04/2019

New Zealand has passed new legislation enabling a new framework for regulating financial advice. The new regime will come into effect in the first half of 2020.