United States

Conduct, Culture & Accountability

US PCAOB Penalises KPMG, Deloitte for Exam Cheating

By Nithya Subramanian | 11/04/2024

KPMG Netherlands was fined USD 25 million and Deloitte affiliates in Indonesia and Philippines were fined USD 2 million.

Payments & Settlements

US CHIPS Network Completes Migration to ISO 20022

By Editors | 11/04/2024

The CHIPS network, operated by The Clearing House, has become the first high-value payment system in the US to adopt ISO 20022.

Capital Adequacy

EU May Adjust Bank Capital Rules to Ensure Competitiveness

By Nithya Subramanian | 11/04/2024

The European Commission could adjust bank capital requirements to maintain a level-playing field internationally for EU banks.

Structural Regulation

SFC Issues Guidance on Offering Hong Kong Funds in UAE

By Mark Johnston | 11/04/2024

The SFC published an information sheet providing guidance on how Hong Kong funds can be offered to investors in the DIFC and the UAE more broadly.

Structural Regulation

US Treasury Proposes Rules for New Stock Buyback Excise Tax

By Editors | 10/04/2024

Corporations that undertake stock buybacks will have to pay a 1% excise tax on the fair market value of net repurchased shares during a tax year.

PEPs & Sanctions

US Treasury Official Calls for Expanded Tools to Target Crypto

By Manesh Samtani | 10/04/2024

Without Congressional action, the use of virtual assets by terrorists, ransomware actors and rogue nations will only grow, said Wally Adeyemo.

PEPs & Sanctions

US Prepared to Sanction Chinese Banks That Aid Russian Military

By Editors | 09/04/2024

Janet Yellen said the US stands ready to act against “anything that involves aiding Russia’s military in their brutal war”.

Reporting & Disclosures

Citi, JP Morgan, RBC Agree to Disclose ‘Energy Supply Ratios’

By Nithya Subramanian | 09/04/2024

The three banks agreed to disclose their financing ratio of low-carbon energy to fossil fuels, the New York City Comptroller confirmed.

Emerging Prudential Risks

US Treasury and PBOC to Conduct Joint Financial Shock Exercises

By Manesh Samtani | 09/04/2024

The exercises will help establish lines of communication between US and Chinese regulators and identify areas of potential cross-border contagion and other risks.