The Financial Conduct Authority (FCA) has fined Sonali Bank (UK) Limited (SBUK) £3,250,600 and has imposed a restriction, preventing it from accepting deposits from new customers for 168 days. It has also fined the bank’s former money laundering reporting officer (MLRO), Steven Smith, £17,900 and prohibited him from performing the MLRO or compliance oversight functions at regulated firms.
read more...UK's Financial Conduct Authority Imposes Penalties On Sonali Bank (UK) Limited And Its Former Money Laundering Reporting Officer For Serious Anti-Money Laundering Systems Failings
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Deutsche Börse Cash Market: Fresenius Medical Care Celebrates 20 Years On Frankfurt Trading Floor - CEO Rice Powell Rings Stock Exchange Bell To Open Trading
DAX company Fresenius Medical Care celebrated its 20th anniversary as well as 20 years on the stock exchange in Frankfurt this morning. CEO of the company, Rice Powell, opened trading with a ring of the traditional stock exchange bell.
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Greenkey To Launch Mobile ‘Turret’ App For Traders And Brokers
GreenKey<http://www.greenkeytech.com/>, creator of an award-winning voice workspace platform for global financial market participants, today announced that the firm next month will launch a mobile application for iOS and Android devices.
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HKEX Announces Chief Executive Of Its Commodity-Trading Platform In Qianhai
Hong Kong Exchanges and Clearing Limited (HKEX) has appointed Guo Xiaoli as Chief Executive of the commodity-trading platform it is building in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Mainland China. It is a new position.
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ESMA Publishes Updated UCITS Q&A
The European Securities and Markets Authority (ESMA) has published an updated questions and answers (Q&A) document on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS).
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12Oct/Final standard on TLAC holdings published by the Basel Committee
Press release about the Basel Committee publishing final standard on TLAC holdings (12 October 2016).
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12Oct/TLAC holdings standard
The Basel Committee is publishing the final standard on the regulatory capital treatment of banks' investments in instruments that comprise total loss-absorbing capacity (TLAC) for global systemically important banks (G-SIBs), October 2016.
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HKEX Chief Introduces Qianhai Platform To Premier Li Keqiang
HKEX Chief Executive Charles Li introduced HKEX’s Qianhai commodities platform to Chinese Premier Li Keqiang during the premier’s visit to Southern China to mark the 2016 National Mass Innovation and Entrepreneurship Week in Shenzhen today. Charles Li described HKEX's plan to build an LME-like platform in Mainland China to fill the gap in the domestic market and support the country's physical economy.
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National Settlement Depository Becomes First Russian Company Certified To Carnegie Mellon University’s CMMI Standards
The National Settlement Depository (NSD) has become the first Russian company certified to two software quality standards (CMMI for Development and CMMI for Services). The CMMI Institute, a division of Carnegie Mellon University (USA) involved in the development of the CMMI standard, has assigned to NSD the third level of maturity of software products and services provided with the use of corporate software.
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Moscow Exchange: Risk Parameters Change
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Fund Management - experience does not necessarily mean better performance
New study finds that a fund manager's experience and performance do not always go hand in hand
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EBA Publishes Work Programme For 2017
The European Banking Authority (EBA) published today its detailed annual work programme for 2017, describing the specific activities and tasks of the Authority for the coming year, as well as a multiannual work programme, highlighting the key strategic areas of work in the coming years (from 2017 to 2020).
The EBA's work for 2017-2020 is defined under seven strategic areas and 38 activities. The programme includes a description of the Authority's strategic areas of activity, expected results and outputs.
It has been developed on the basis of the of the tasks specified in the Authority's founding Regulation as well as of the various mandates and legislative proposals received and envisaged in the area of financial and banking regulation.
In particular, in 2017-2020, the EBA will (i) continue to play a central role in developing and maintaining the Single Rulebook for banking in the EU; (ii) promote efficient and coordinated crisis management of credit institutions, investment firms and financial market infrastructures in the EU; (iii) promote convergence of supervisory methodologies and practices to a high standard so as to ensure that regulatory and supervisory rules for going concern and crisis situations are implemented consistently across the EU; (iv) identify and analyse trends, potential risks and vulnerabilities stemming from the microprudential level across borders and sectors; (v) maintaining and developing the common supervisory reporting framework, as well as acting as the EU data hub for the collection, use and dissemination of data on EU banks; (vi) protect consumers, monitor financial innovation and contribute to easy retail payments in the EU; and finally (vii) be a competent, responsible and professional organization, with effective corporate governance and efficient processes.
As to the priorities for 2017, the EBA will focus on liquidity and leverage ratio, credit risk and credit risk modelling, recovery planning and early intervention, promoting convergence, and improving the framework for the protection of consumers and the monitoring of financial innovation.
In addition, the EBA expects a considerable number of legislative reforms from the Commission that will affect the 2017 planned work, such as the review of the CRR and the consequence of the Basel Committee on Banking Supervision (BCBS)'s revision of the trading book, the implementation of the total loss absorbing capacity (TLAC) requirements in the EU prudential regulatory framework, the fundamental review of the trading book (FRTB), further work related to proportionality in the regulatory framework and changes to the securitisation framework in the context of the Capital Market Union (CMU).
This additional work will require a reprioritisation exercise in light of the budget and resources constraints and, therefore, a focussing on the EBA's strategic areas for its future development. With this in mind, the EBA intends to expand its ability to collect supervisory data from EU competent authorities to capture the overall of EU banking sector, which would significantly improve its analysis of the impact of regulation and enhance its transparency work.
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Twelfth Investment On Borsa İstanbul Private Market: Iyisahne.Com
Borsa Ä°stanbul Private Market, motivated to bring together technological start-ups with investors, made a good start in the year 2016 and continues its activities with a new investment.
A new investment has been realized on Borsa Ä°stanbul Private Market, which is a web-based and membership-based platform that brings companies and investors together for share transfer without going public.
The number of investments made through Borsa Ä°stanbul Private Market in 2016 has reached 9. Borsa Ä°stanbul Private Market has 365 members. The total number of investments through the Market has exceeded 12, and the total amount of investments, TL 30 million.
A signing ceremony with the angel investors and the founding partners of the recipient of the investment, namely, iyisahne.com, was hosted by Borsa Ä°stanbul on October 11, 2016.
iyisahne.com CEO Sinan ZabunoÄlu thanked the angel investors, Ä°stanbul Startup Angels, Borsa Ä°stanbul, and GBA and EGÄ°AD, which were previously included in the second investment process. 
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DME Oman Crude Oil Hits 12 Month High As Supply Glut Reined In
Dubai Mercantile Exchange said Tuesday that Oman crude oil breached a 12 month high of over $50 per barrel, as oil markets maintained the upward momentum after OPEC members pledged to curb output for the first time since 2008 at the late-September meeting in Algiers.
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Hong Kong's Securities And Futures Commission: Takeovers Panel Upholds Ruling On Offer For L&A International
The Takeovers and Mergers Panel (Takeovers Panel) has upheld the ruling of the Takeovers Executive (Note 1) in relation to an offer for the shares of L&A International Holdings Limited.
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SIFMA President And CEO Kenneth E. Bentsen, Jr. Opening Remarks SIFMA AMG Global Developments Conference
Good morning and thank you all for being here today to talk about global developments in the asset management industry. As many of you know, SIFMA’s asset management group, or AMG, has been increasingly engaged at the global level, where regulation has rapidly grown in response to the 2008 financial crisis and as such continues to evolve, impacting every aspect of financial services including asset management. And while many regulators have sought to signal that the long process of ruleâmaking in response to the crisis may be coming to an end, there is no doubt very much still in the pipeline at both the global and national level, and with events such as the vote by the United Kingdom to leave the EU, or Brexit, perhaps more uncertainty than certainty with respect to the new rules that will govern markets domestically and cross border. As such, we are glad you all have joined us today to look at some of these developments.
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CFTC: Commission Approves An Order Regarding Swap Dealer Registration De Minimis Exception
The U.S. Commodity Futures Trading Commission (Commission) today approved an Order establishing December 31, 2018 as the swap dealer registration de minimis threshold phase-in termination date.
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EBRD And Zagreb Stock Exchange Support Growth In Croatia
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Hong Kong's Securities And Futures Commission Commences Cybersecurity Review On Brokers’ Internet And Mobile Trading Systems
The Securities and Futures Commission (SFC) has launched a review to assess the cybersecurity preparedness, compliance and resilience of brokers’ internet and mobile trading systems (Note 1).
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Concurring Statement Of CFTC Commissioner Sharon Y. Bowen Regarding Order Establishing De Minimis Threshold Phase-In Termination Date Pursuant To Commission Regulation 1.3(ggg)(4)(ii)(C)(1)
While we might disagree on the details of today’s order, I think we can all agree on one thing: today’s action is very important to how the swaps industry operates and our system of financial regulation functions. If we do not accurately and appropriately set the mandatory level of trading for swap dealer registration, our entire regulatory regime for the swaps market will be weakened.
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