Chairman Liu Shiyu cites ‘huge room for improvement’ in exchanges' front-line supervision, citing failures exposed by 2015 stock market turmoil.
Agreement aims to clamp down on financial crime via securities markets; SFC has identified ‘multiple weaknesses’ in broker AML/CTF.
APRA inquiry to look at whether governance, culture and accountability frameworks conflict with ‘sound risk management and compliance outcomes’.
Measures are expected to sharply increase incidences of excessive short selling; new categories of offence come with heavier maximum penalty.
Two-stage testing of Phase 2 reporting to depository covers interest rate, foreign exchange, equity, credit and commodity derivatives.
Chief compliance officer must be full-time, boards given overarching responsibility; foreign banks must translate all documents into English.
HKEX needs to develop regulations and boards to accommodate the entire chain of technology from start-ups to unicorns.
Firms claim share price would not have suffered as precipitous a decline if claims of money laundering had been revealed earlier.
Resolution regime includes four stage assessment criteria for financial institutions, emphasises private sector role; to be operationalised ‘in due course’.
Internal reorganisation acknowledges growing role of fintech, which will be regulated by FSA Planning and Coordination Bureau with enhanced powers.
Loading more posts...
Sorry, no more posts
No more pages to load