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China’s SAFE Warns Banks Against Aggressive Yuan Selling – Report
By Editors | 29/08/2022
SAFE reportedly phoned several banks last week to warn them against aggressively selling the yuan, which has recently hit a 2-year low against the dollar.
CBIRC Issues Internal Control Rules for Wealth Management Companies
By Darien Choong | 29/08/2022
The rules cover internal controls in relation to investment management, related party transactions, and risk reserves, among other areas.
Australia to Simply Corporations and Financial Services Law
By Editors | 28/08/2022
Legislative amendments released for consultation are based on recommendations issued by the Australian Law Reform Commission late last year.
Securities / Derivatives
ICE to Launch UK Carbon Allowance Options in October
By Editors | 28/08/2022
UK Carbon Options will provide a new tool for managing carbon emissions price risk, building upon the launch of UK carbon allowance futures in May 2021.
AML / KYC
US Lawmaker Seeks Clarity on Tornado Cash Sanctions
By Editors | 28/08/2022
US Congressman Tom Emmer says the designations against Tornado Cash wallet addresses are a “divergence from previous OFAC precedent”.
Capital / Liquidity
NZ Government Takes Direct Ownership of Kiwibank
By Editors | 28/08/2022
The government pledged to support Kiwibank, New Zealand’s fifth-largest retail bank, to become a “genuine competitor in the banking industry”.
ESG / Sustainability
Global Banks Worry of Extraterritoriality in EU’s CSRD – Report
By Editors | 28/08/2022
CSRD is “off-putting” for banks’ clients, as it would subject foreign companies to the full set of rules if they list even a single instrument in the EU.
Big Picture
Better Governance Needed to Promote Bank Soundness: RBI
By Editors | 28/08/2022
A new study suggests public sector banks may need greater autonomy to improve their governance structures.
Capital / Liquidity
Canada OFSI Issues Guidance on Bank Treatment of Crypto
By Mark Johnston | 28/08/2022
OFSI provides no recognition (i.e., a 100% haircut) for Group 2 cryptoassets held as collateral, but is seeking views on hedging practices that could warrant a lower haircut.
AML / KYC
BSP Calls for ‘Limited Amendment’ to Bank Secrecy Law
By Editors | 27/08/2022
BSP senior assistant governor Elmore Capule told a Senate Committee the BSP is looking for a “limited relaxation of the bank secrecy laws”.
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