Resolution & Recovery

UBS Completes Merger With Credit Suisse Swiss Unit

02/07/2024

Sabine Keller-Busse, President of UBS Switzerland said the completion of the Swiss entities’ merger marks an important milestone.

PEPs & Sanctions

UniCredit Seeking Clarity on ECB’s Russia Exit Orders

02/07/2024

The ECB ordered UniCredit in May to further speed up its withdrawal from Russia. The bank is seeking legal clarity on its obligations.

Fraud, Scams & Cybercrime

China: New Law Strengthens Penalties for Accounting Fraud

02/07/2024

The new Accounting Law significantly increases penalties for financial fraud and for the first time includes the phrase “internal control”.

Tokenisation

Trade Bodies to Develop Disclosure Guidelines for Digital Assets

02/07/2024

Four trade associations have organised a Steering Committee to propose new disclosure guidelines for digital asset tokens offered in the US.

Resolution & Recovery

APRA Identifies Recovery Planning Weaknesses at Super Funds

02/07/2024

APRA said improvements are needed to meet new recovery and exit planning requirements by 1 January 2025.

Clearing & Post-Trade

ESMA Extends TAIFEX Recognition to Cover TWD NDFs

02/07/2024

ESMA recognised TAIFEX as a TC-CCP in December 2022 initially just for interest rate swaps. TWD non-deliverable forwards are now approved.

Trading & Investment

HKEX Proposes to Reduce Tick Sizes in Securities Market

02/07/2024

HKEX says the proposal will lower overall transaction costs, improve price discovery and boost liquidity.

Supervision & Enforcement

US SEC’s Use of In-house Judges Ruled Unconstitutional

02/07/2024

The ruling curbs the SEC’s internal adjudication powers and is expected to also impact more than two dozen US agencies.

Anti-Money Laundering

FinCEN Proposes Rule to Enhance FIs’ AML/CFT Programmes

02/07/2024

The rule will explicitly require AML/CFT programmes to be “effective, risk-based, and reasonably designed” based on a risk assessment.