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Supervision & Enforcement
‘Big Four’ Accounting Firms To Appeal Against SEC China Ruling
By Editors | 24/01/2014
The “Big Four” accounting firms said they will fight a ruling by the US Securities and Exchange commission suspending their Chinese units for six months.
Market Abuse
HK Court Varies Interim Injunction Against Qunxing
By Editors | 24/01/2014
The Court of First Instance today varied an interim injunction obtained by the SFC in the proceedings against Qunxing Paper Holdings Company Limited (Qunxing) and its subsidiary, Best Known Group Limited (Best Known).
Market Abuse
SFC Allows Appeal over Retail Investor Aquittal
By Editors | 24/01/2014
The Court of First Instance today allowed the Securities and Futures Commission’s (SFC) appeal of the acquittal of Mr Chan Wing Fai of false trading, and ordered that the case be remitted back to the Magistrate.
Conduct, Culture & Accountability
Japan to Urge Banks to Appoint Outside Board Members for Transparency
By Editors | 24/01/2014
Japanese regulators plan to call on banks and their holding companies to appoint outside directors as members of their board to enhance transparency in management.
Anti-Money Laundering
India Pulls Out Old Currency Notes, Curbs ‘Black Money’
By Editors | 24/01/2014
The Reserve Bank said it will withdraw all currency notes issued prior to 2005 from March 31, in an apparent move aimed at curbing black money and fake currencies.
Data Privacy
S. Korea Regulator Eyes Overhaul of Anti-Piracy Policy to Combat Data Theft
By Editors | 22/01/2014
The country’s financial industry watchdog plans an overhaul of anti-piracy polices to fight data breach.
Anti-Money Laundering
US May Delay FATCA Implementation
By Editors | 22/01/2014
The Foreign Account Tax Compliance Act (FATCA) may be delayed again by another six months due to pending intergovernmental agreements between the U.S. and other countries.
Anti-Money Laundering
Judge Upholds Rule for US Banks to Report to Foreign Countries Under FATCA
By Editors | 20/01/2014
A federal court rules that U.S. banks must report to foreign governments on the holdings of citizens in line with FACTA.
PEPs & Sanctions
China Toughens Rules on Freezing Terrorists Assets, Urges Banks to Report Suspicions
By Editors | 17/01/2014
China issues new rules to fight terrorism, requiring banks to report transactions suspected of links to terror activities and freeze assets of people named as belonging to terrorist groups.
Anti-Money Laundering
Basel Committee Issues Anti-Money Laundering Risk Guidelines
By Editors | 16/01/2014
Prudent management of these risks together with effective supervisory oversight is critical in protecting the safety and soundness of banks.
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