HSBC to Acquire Citi Consumer Business in China – Report

29/09/2023

HSBC will reportedly acquire Citigroup’s China consumer wealth management business in a deal that could be announced as early as next month.

Enforcement

Citigroup Fined for Violating Disclosure Obligations Under Reg BI

29/09/2023

Citi defaulted about 360,000 accounts to receive disclosures electronically without receiving proper consent from the customers.

Market Infrastructure

Regulators Announce Planned Enhancements for Wealth Connect

29/09/2023

The eligibility, product range, investment and sales limits will be enhanced, and securities firms will be allowed to participate.

Crypto / Digital Assets

BIS Calls for Greater Efforts on Legal Frameworks to Support CBDC

29/09/2023

BIS general manager Agustín Carstens said it is “simply unacceptable” that unclear or outdated legal frameworks could hinder CBDC deployment.

Enforcement

Korea Jails Four Individuals in Coinone Bribery Case

28/09/2023

Two former employees of Coinone were jailed for accepting bribes. Two brokers were also jailed for facilitating the bribes.

ESG / Sustainability

Malaysian Regulators Ramp Up Focus on SMEs in Green Transition

28/09/2023

Tailored guidance is being developed for SMEs on the information they should provide to FIs. A new SME focus group has also been established.

Crypto / Digital Assets

US Lawmakers Introduce Bill on Custody of Digital Assets

28/09/2023

The Uniform Treatment of Custodial Assets Act would rescind an SEC accounting bulletin that prevents banks from providing custodial services to digital assets investors.

Enforcement

Evergrande Chairman Suspected of “Illegal Crimes”

28/09/2023

Evergrande said its chairman Hui Ka Yan was placed under “residential surveillance” due to his suspected involvement in “illegal crimes”.

Enforcement

Prosecutors Charge Ex-PBOC Official for Accepting Bribes

28/09/2023

Prosecutors say Fan abused his positions at China Construction Bank, China Investment Corp, Bank of Shanghai and the PBOC.