Supervision & Enforcement

China’s SAFE Fines Bank of Shanghai for FX-related Violations

08/05/2023

The fine is the largest issued against a Chinese bank this year. In 2022, Bank of Shanghai had more complaints against it than any other corporate bank.

Supervision & Enforcement

Singapore Lays Three More Charges Against Hyflux Founder

07/05/2023

Singapore’s Public Accountants Oversight Committee has also issued orders against Hyflux auditors from KPMG LLC for five years of financial statements.

Market Abuse

US SEC Probing Insider Trading by First Republic Execs – Report

07/05/2023

The SEC is looking into whether executives of First Republic improperly traded on inside information before the government seized the bank and sold it to JPMorgan.

Credit Risk

Hong Kong Financial System Remains Resilient: IMF Staff

07/05/2023

IMF staff said credit risk will “likely continue to materialise”, and banks should properly recognise and provision for credit losses, including those from Mainland property exposures.

Liquidity Risk

China: AMAC Proposes Additional Requirements for Private Securities Funds

07/05/2023

PE funds must have at least 10mn yuan under management to remain in operation. Firms with more than 2bn yuan under management will have to undergo regular stress tests.

Sustainable Finance

LMA Publishes Model Provisions for Sustainability-linked Loans

07/05/2023

The model provisions provide a basic drafting framework to assist parties in the negotiation of documentation for sustainability-linked loans.

Cybersecurity

NYDFS Fines BitFlyer for Deficient Cybersecurity Programme

07/05/2023

BitFlyer USA did not perform risk assessments, implement a written cybersecurity policy, or conduct annual reviews. The firm said it has completed over 90% of its planned remediation work.

Fraud, Scams & Cybercrime

India Supreme Court Allows Prosecution of Deloitte, KPMG Units

07/05/2023

Supreme Court ruling allows criminal complaints against Deloitte Haskins & Sells and BSR & Associates over their handling of IL&FS audits to proceed.

Market Abuse

FSS Korea Uncovers First “Malicious” Cases of Naked Short Selling

06/05/2023

The FSS uncovered cases where market participants deliberately short-sold securities without first borrowing the stock in a bid to “maximise trading profits”.