Market Infrastructure

ESMA Publishes Final Guidelines, Validation Rules for EMIR Refit

22/12/2022

ESMA published its final guidelines for reporting under EMIR, the final validation rules, and reporting instructions for outgoing and incoming messages.

Capital / Liquidity

RBI Directs Banks to Improve Financial Statement Disclosures

22/12/2022

The RBI has asked banks to disclose more information when “Other Liabilities and Provisions” and “Other Assets” items exceed 1% of total assets.

Sanctions

Canada to Seize Russian Assets to Finance Ukraine

22/12/2022

Canada will attempt to seize assets from a company owned by sanctioned Russian oligarch Roman Abramovich, and use the proceeds for Ukraine’s reconstruction.

Enforcement

SFC Fines Guosen for Regulatory Breaches Caused by Bugs

21/12/2022

Guosen Securities used expired standing authority of clients because its new operating system failed to send renewal notices to clients.

ESG / Sustainability

CDP to Help Enhance Sustainability Reporting in Hong Kong

21/12/2022

A new Climate and Environmental Risk Questionnaire has been developed to help SMEs with sustainability reporting.

ESG / Sustainability

Japan FSA Issues Draft Supervisory Guidelines for ESG Funds

21/12/2022

The FSA issued draft guidelines outlining the checks that will be performed by supervisors to ensure ESG investment trusts are true-to-label.

Enforcement

US Regulator Orders Wells Fargo to Pay $3.7b for Violations

21/12/2022

Wells Fargo repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, among other violations.

ECB Bars Officials from Making Short Term Trades

21/12/2022

High-level ECB officials can only invest in publicly listed, broadly diversified funds with a medium to long-term perspective.

Securities / Derivatives

HKEX Opens New York Office to Support International Clients

21/12/2022

HKEX says the New York office will make it easier to connect with investors, market participants and their intermediaries during their own working day.