LATEST NEWS

Enforcement

Singapore Lays Three More Charges Against Hyflux Founder

By Editors | 07/05/2023

Singapore’s Public Accountants Oversight Committee has also issued orders against Hyflux auditors from KPMG LLC for five years of financial statements.

Capital / Liquidity

US SEC Probing Insider Trading by First Republic Execs – Report

By Editors | 07/05/2023

The SEC is looking into whether executives of First Republic improperly traded on inside information before the government seized the bank and sold it to JPMorgan.

ESG / Sustainability

Investors Welcome New Australian Net Zero Authority

By ESG Investor | 07/05/2023

The authority will co-ordinate decarbonisation opportunities across the economy, supporting efficient allocation in key sectors.

Capital / Liquidity

Hong Kong Financial System Remains Resilient: IMF Staff

By Editors | 07/05/2023

IMF staff said credit risk will “likely continue to materialise”, and banks should properly recognise and provision for credit losses, including those from Mainland property exposures.

Securities / Derivatives

China: AMAC Proposes Additional Requirements for Private Securities Funds

By Editors | 07/05/2023

PE funds must have at least 10mn yuan under management to remain in operation. Firms with more than 2bn yuan under management will have to undergo regular stress tests.

Big Picture

Thousands of US Banks are “Underwater” and “Potentially Insolvent”

By Manesh Samtani | 07/05/2023

Report by Stanford Professor Amit Seru and a group of banking experts presents an analysis of US banks’ asset exposure to interest rate hikes and the implications for financial stability.

ESG / Sustainability

LMA Publishes Model Provisions for Sustainability-linked Loans

By Editors | 07/05/2023

The model provisions provide a basic drafting framework to assist parties in the negotiation of documentation for sustainability-linked loans.

Enforcement

NYDFS Fines BitFlyer for Deficient Cybersecurity Programme

By Editors | 07/05/2023

BitFlyer USA did not perform risk assessments, implement a written cybersecurity policy, or conduct annual reviews. The firm said it has completed over 90% of its planned remediation work.

Enforcement

India Supreme Court Allows Prosecution of Deloitte, KPMG Units

By Editors | 07/05/2023

Supreme Court ruling allows criminal complaints against Deloitte Haskins & Sells and BSR & Associates over their handling of IL&FS audits to proceed.