United States

Sanctions

US DOJ Approves First Transfer of Seized Russian Funds to Ukraine

By Editors | 15/05/2023

“While this represents the United States’ first transfer of forfeited Russian funds for the rebuilding of Ukraine, it will not be the last,” said Attorney General Merrick Garland.

Capital / Liquidity

FDIC to Charge Banks $16bn to Recover SVB, Signature Losses

By Manesh Samtani | 14/05/2023

The FDIC proposes to require lenders with more than $50bn in assets to cover 95% of the losses associated with the SVB and Signature Bank failures.

Enforcement

CFTC Fines HSBC for “Deceptive Trading”, WhatsApp Use

By Editors | 14/05/2023

The CFTC fined three HSBC affiliates a total $75m for manipulative and deceptive trading, spoofing, and supervision and record-keeping failures.

ESG / Sustainability

Philippine SEC Adopts ASEAN SRF Standards

By Sanday Chongo Kabange | 14/05/2023

Rules are established to enable local and ASEAN-member investment companies and CIS operators to offer sustainable and responsible funds locally and across the region.

AML / KYC

US SEC Fines Philips for Corrupt Practices in China

By Editors | 14/05/2023

Dutch medical supplier engaged in “improper” conduct and bidding practices to sell its medical technology products in China.

Capital / Liquidity

California Regulator Concludes Reviews into SVB Failure

By Editors | 13/05/2023

In the years leading up to SVB’s failure, DPFI identified deficiencies at the bank, but “did not take adequate steps” to ensure they were resolved quickly.

Crypto / Digital Assets

Jane Street, Jump Crypto to Scale Down US Crypto Business

By Editors | 13/05/2023

Jane Street Group and Jump Crypto are the latest firms to scale down US operations, citing regulatory uncertainty.

NYDFS Proposes Guidance on ‘Character and Fitness’ Reviews

By Editors | 13/05/2023

Superintendent Adrienne Harris said character and fitness standards have become a “policy priority” in light of “recent events” in the industry.

Big Picture

Fed Official Calls for Banking Reforms to be “Targeted” and “Thoughtful”

By Mark Johnston | 12/05/2023

Michelle Bowman urges targeted and evidence-based reforms to address the root causes of the recent spate of bank failures.