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Structural Regulation
HK OTC Derivatives Licensing Regime Closer to Implementation
By Scott Carnachan | 25/03/2021
Amendments to Hong Kong’s OTC derivatives licensing regime have been introduced in LegCo. Scott Carnachan at Deacons discusses the changes.
Trading & Investment
CSRC Bans Haitong Securities from Advisory Work for One Year
By Editors | 25/03/2021
The CSRC said Haitong did not effectively control risk in its bond business dealings, which resulted in Yongcheng Coal’s CNY 1 billion default.
Structural Regulation
US SEC Consults on ‘Holding Foreign Companies Accountable’ Rules
By Editors | 25/03/2021
The SEC is seeking public comments on its process for identifying companies that fail to meet the new standards, as well as submission and disclosure requirements.
Structural Regulation
Internet-only LINE Bank Commences Trial Operations in Taiwan
By Editors | 25/03/2021
Only LINE Bank employees will participate in the trial operations. Depending on the results, full operations could commence by late April.
Conduct, Culture & Accountability
SFC Fines GEO Securities for Breaching Licence Conditions
By Editors | 25/03/2021
The firm also did not have effective controls in place for product due diligence, client risk tolerance assessment, and record-keeping.
Payments & Settlements
PBOC, SWIFT to Establish Cross-border Payment Stability
By Editors | 25/03/2021
The PBOC’s joint venture with SWIFT will build a localised messaging network to provide Chinese FIs with a more stable connection to the main SWIFT network.
Structural Regulation
DOJ to Probe Visa Over Debit Card Routing Practices
By Ranamita Chakraborty | 24/03/2021
Visa is alleged to have engaged in anti-competitive practices by preventing merchants from routing payments through other card networks.
Liquidity Risk
RBNZ Orders Westpac NZ to Address Risk Governance Issues
By Ranamita Chakraborty | 24/03/2021
Westpac’s New Zealand unit breached the RBNZ’s liquidity policy by incorrectly calculating mismatch ratios.
Operational Risk
Japan FSA to Inspect Mizuho Over System Failures
By Ranamita Chakraborty | 24/03/2021
The FSA will consider whether to take disciplinary action such as issuing a business improvement order against the bank.
Structural Regulation
Group of Seven Agrees to ‘Sizeable’ Increase in IMF Reserves
By Editors | 24/03/2021
The G7 has also agreed to work with the IMF to enhance transparency and accountability around the usage of SDRs.
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