A commentary in a local newspaper by retired People’s Bank of China (PBOC) governor Zhou Xiaochuan suggests Hong Kong should continue to be a testing ground in experimenting new regulatory approaches and technologies for China through which the government can identify measures for closing regulatory loopholes in the financial sector. 繼續閱讀
The US subprime crisis has petered out over the past decade. Yet, its impact on the global financial markets is here to stay. The biggest effect was perhaps on the regulatory front. For example, financial institutions have paid over $150 billion in fines in the US as of mid-last year, and over 300 people, including community bankers, mortgage lenders, real estate brokers and developers were convicted as a result of misconducting during the financial crisis in 2007, according to the Financial Times. 繼續閱讀
JPMorgan Chase, the largest US bank in deposit taking, committed 5,000 extra employees “to fix risk and compliance issues after a slew of investigations by regulatory authorities". HSBC also hired an additional 1,800 employees, making a total of 6,000 staff since the end of 2016 for its compliance operation. Similarly, Citi, another multinational financial institution, has engaged nearly 30,000 staff for internal control functions. 繼續閱讀
