Enforcement

SFC Fines Brokerage for Negligence During Share Placement

19/05/2023

China On Securities used incorrect prices in contract notes and transferred shares to placees without first requiring payment.

CSRC, PBOC Reduce Budget Allocations for Staff Salaries

19/05/2023

The changes are part of a drive to reduce income disparity as well as a broader overhaul of the financial regulatory system announced in March.

Sanctions

Top EU Official Concerned by Russian Oil Flowing into Europe

18/05/2023

India is buying heavily discounted crude oil from Russia and selling full-priced refined products into Europe. Josep Borrell said the EU must act.

Crypto / Digital Assets

GFMA Report Details How DLT Will Benefit Capital Markets

18/05/2023

The report calls for market participants to proactively shape the future use of DLT and for policymakers to provide greater regulatory clarity.

Enforcement

Wells Fargo Agrees to Pay $1bn to Settle Class Action

18/05/2023

Shareholders accused Wells Fargo of overstating how well it was complying with 2018 consent orders from financial regulators.

Capital / Liquidity

APRA Finalises New Resolution Planning Standard & Guidance

18/05/2023

CPS 900 will formally come into effect from 1 January 2024, but individual entities would only be subject to the requirements when notified by APRA.

Capital / Liquidity

Swiss Parliamentary Commission to Investigate Credit Suisse Deal

18/05/2023

The investigation’s exact mandate and the membership of the commission will be decided in legislative sessions which begin on 30 May.

Capital / Liquidity

CDS Payments Not Triggered by Credit Suisse Bond Wipe-out

18/05/2023

The EMEA Credit Derivatives Determination Committee was asked to rule on whether the Credit Suisse takeover should trigger insurance payouts on bonds.

Capital / Liquidity

FDIC Ordered to Return Tax Refund Cheques to SVB Financial

18/05/2023

The court ruled that the FDIC has no authority to intercept tax refund checks clearly written out to “SVB Financial”, the bankrupt former parent of Silicon Valley Bank.