Market Infrastructure

RBI Directs Banks to Enhance Internal Audit Function

12/01/2021

Banks are encouraged to adopt the international standards for internal audit, such as those issued by the BCBS or the Institute of Internal Auditors.

Market Infrastructure

CCPs Should Limit Procyclical Changes to Initial Margin: ISDA

11/01/2021

Procyclical changes to initial margin levels ended up draining liquidity from the market and contributing to market stress during the March/April market turmoil.

AML / KYC

Ex-China Development Bank Chairman Sentenced to Life in Prison

11/01/2021

The former chairman of China’s largest policy bank took 85.5mn yuan in bribes to facilitate financing for others including CEFC China Energy and HNA Group.

Securities / Derivatives

CSRC Issues Final Rules on Convertible Corporate Bonds

11/01/2021

The rules require trading venues to improve trading rules, enhance risk monitoring, and establish appropriate investor suitability and information disclosure rules.

AML / KYC

Deutsche Bank to Pay $130m to Resolve FCPA Violations, Fraud Charges

11/01/2021

The bank’s employees and agents concealed bribes paid to obtain and maintain lucrative business in Saudi Arabia, Abu Dhabi, Italy and China.

Enforcement

FSS Korea to Probe Samsung Securities for Regulatory Violations

11/01/2021

The FSS will look into whether loans granted to executives violated the capital market law and whether the firm influenced a merger involving one of its subsidiaries.

Securities / Derivatives

HKEX Launches Familiarisation Programme for New Risk Engine

11/01/2021

A familiarisation programme has been launched to allow clearing participants to retrieve margin related reports calculated based on the new ORP risk models.

Enforcement

CBIRC Penalises State-owned Financial Institutions and Subsidiaries

11/01/2021

ICBC, China Development Bank, Great Wall, and Postal Savings Bank and a number of their subsidiaries were penalised almost 200mn yuan for various regulatory violations.

RBNZ Data System Illegally Accessed by Malicious Attacker

10/01/2021

Commercially and personally sensitive information may have been accessed by malicious attackers who accessed a third-party file-sharing service used by the RBNZ.