Enforcement

Japan SESC Seeks Penalty Order Against SMBC Nikko Securities

30/09/2022

The SESC has recommended that the FSA punish SMBC Nikko Securities for stock price manipulation and shortfalls in its trading surveillance system.

AML / KYC

FinCEN Issues Final Rule for Beneficial Ownership Reporting

30/09/2022

The rule is effective from 1 January 2024. Existing companies will have one year to report information about their beneficial owners to FinCEN.

Capital / Liquidity

Standard Setters Publish Review of Global Margining Practices

30/09/2022

Market volatility and model reactions to volatility were responsible for the majority of the peak increase in IM requirements in March and April 2020.

Capital / Liquidity

HKMA Consults on Pillar 3 Disclosure Requirements for Basel III

30/09/2022

Following consultation, the HKMA plans to submit revisions to the disclosure requirements in early 2023, ahead of Basel III implementation on 1 July 2023.

AML / KYC

Turkish Banks to Stop Using Russia’s Mir Payment System

30/09/2022

Three Turkish state banks will stop using the Mir system in response to guidance issued by OFAC earlier this month. Two others stopped last week.

AML / KYC

US SEC Penalises Oracle for FCPA Violations by Foreign Subsidiaries

30/09/2022

Oracle subsidiaries in Turkey, the UAE, and India used slush funds to bribe foreign officials in return for business between 2016 and 2019.

Crypto / Digital Assets

BIS Innovation Hub Nordic Centre Launches Retail CBDC Project

30/09/2022

The central banks of Israel, Norway and Sweden will develop a “hub” to which they will connect their domestic proof-of-concept CBDC systems.

Fintech / Regtech

Australia Proposes Framework to Enable CDR ‘Action Initiation’

30/09/2022

Consumers would be able to instruct businesses to make payments, open and close accounts, switch providers, and update personal details on their behalf.

Securities / Derivatives

FMSB, ASIC Agree to Jointly Promote Financial Market Integrity

29/09/2022

The FMSB will consult with ASIC on its annual strategy refresh and provide details about forthcoming drafts of proposed standards, statements of good practice and other publications.