Matsushita, head of Japan's Financial Services Agency, made the comments a day after prosecutors arrested former SMBC Nikko Securities executive Hiroyoshi Yoshioka and three others on insider trading allegations.
According to the report, the evolving regulatory framework for asset managers in a number of Asian countries, particularly with regard to consumer protection and fair dealing, is as tough as in Europe and the US.
Japan’s Securities and Exchange Surveillance Commission and Yokohama city prosecutors are investigating former SMBC Nikko executive Hiroyoshi Yoshioka, 50, and the other individuals, the financial watchdog said in a statement.
Bank Indonesia deputy governor Halim Alamsyah said in the Bank Indonesia Regulation on Banking Ownership Structures, BI differentiated three categories — ownership of up to 40 percent, up to 30 percent and up to 20 percent.
After the financial crisis of 2008, many financial institutions had to be bailed out by their respective governments. This necessitated stricter regulations, including higher capital requirements for banks to weather future shocks relatively better.
He didn't provide examples of excessive fees or specify any banks. But banks in general have come under criticism for charging high fees for a range of services, particularly as they record unusually strong profits.
Mr X, as the person has been referred to by tribunal, denied he owned an account with the UK-based UBS Wealth Management, called Customer A account, used by some UBS officials to make large-scale unauthorised transactions.
The Norton Rose Hong Kong team can provide insights into the Competition Ordinance including why the ordinance has had a controversial ride, the penalties for contravention, exemptions, and the impact this Bill will have on companies in Hong Kong.
In assessing the three-year-old complaint, the BSP’s Office of Special Investigation (OSI) said local investment rules and regulations were not violated as businessman Washington Lou transacted business not with ING Bank Manila but with subsidiary b
Japan’s ruling party will consider limiting the period for public stock offerings to four days to curtail share declines and discourage insider trading, said lawmaker and former Morgan Stanley banker Tsutomu Okubo.
Yam, who retired as head of Hong Kong's de facto central bank three years ago, was speaking in his private capacity as a professor at the Chinese University of Hong Kong.
China’s government-controlled banks, which were transformed from almost-insolvent institutions with spiraling defaults into profitable firms with the help of more than $650 billion in bailouts, had promised to improve internal controls to root out f