Proposed market practice rules would end requirement that senior managers pre-approve staff to trade so long as customer information is protected.
US banks lobbied hard for a rollback of the Volcker Rule and a return to proprietary trading to bolster profits. They will soon find that it’s now a different world.
US regulator cited concerns around valuation and liquidity, among other issues; but comments made in rejection letter open path to eventual approval.
PBOC notice says e-KYC can help better serve real economy; SME account applications should be audited within two days of receipt.