More than half of abnormal transactions which require disciplinary action by futures exchange involve the frequent placing and cancellation of orders.
Vice governor Yin Yong says central bank to ‘centralise’ work amid concerns about sanctions risk and meeting stricter international standards.
Government Inspectorate says SBV should take action against individuals named in report; provincial and administrative units reminded to report all criminal activity.
Regulator’s chairman says each algorithmic system must have designated individual responsible for design and outcomes, echoing new bank accountability regime.
New regulations will require firms involved in securities and futures markets to set up separate AML/CTF units, boost FSC inspection powers.
Regulator says violations could make investors ‘lose faith in the Indian securities market and even good companies will find it extremely difficult to raise capital’.
SFC says some ICOs are either share, debenture or collective investment schemes; some traders in secondary market could be regulated entities.
CBRC chief adviser and former SFC chief Dr Andrew Sheng says regulation risks pro-cyclicality when real economy requires structural change.
Taskforce says regulators will need to start upskilling staff; adopt artificial intelligence, machine learning and other tech to ensure effective supervision.
Only 60% of bonuses to be paid up front, remaining 40% to be paid out over three years but can be cut or clawed back if investments lose money.