Proposed rules are expected to further curb the growth of wealth management products in China by restricting the instruments banks can buy, with WMP returns tipped to fall.
The outcry over new rules compelling foreign firms to buy Chinese IT equipment could force authorities to back down, according to the head of the EU Chamber of Commerce in China.
SFC bans ex-head of Ping An Securities; Australia clamps down on collective action; MAS looks at crowdfunding; Transparency for US systemic risk process; HK waives ETF tax; China rules to hit foreign IT.
BNPP IP appoints new India CEO; CIC loses private equity MD to Ontario Teachers; ARA AM names Australia chief; Credit Agricole appoints new HK private bank boss; Citi hires Asia retail bank head; CBRC vice-chairman named; and Sidley Austin names new partners.
The China Banking Regulatory Commission is seeking to establish a department to oversee the nation's $2 trillion trust industry in apparent recognition of growing risk, say local media.
The Chinese banking regulator has proposed a scheme whereby banks will offer 'asset management plans' instead of wealth management products, which have sparked concerns.