| Regulators Investigate China's Ex-Securities Regulator
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 Liu Shiyu, the former head of China's securities regulator, is being investigated for violating anti-corruption laws. According to a report in Reuters citing the Central Commission for Discipline Inspection, Liu Shiyu surrendered to authorities and was cooperating with the National Supervisory Commission. No further details were provided in a statement on the government agency's website, reported Reuters. Liu Shiyu had become head of the China Securities Regulatory Commission in 2016. At the start of this year, he stepped down and became deputy party chief at the All China Federation Supply and Marketing Cooperatives, reported Reuters. The move on the part of China to investigate the former head of its securities regulator comes as the government has been trying to clamp down on corruption throughout the country. President Xi Jinping is waging a war on corruption, focused heavily on government officials and business executives who have allegedly fled abroad with assets. In February it arrested 62 Chinese ...
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| NY Seizes Municipal Credit Union After Embezzlement
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 New York's Department of Financial Services seized Municipal Credit Union, New York's oldest credit union, on Friday (May 17), saying it is facing "unsafe and unsound" conditions. The move comes after its ex-Chief Executive Officer Kam Wong pleaded guilty to embezzling funds, reported Reuters. According to the report, the former CEO pleaded guilty in November to embezzling millions of dollars from the credit union. Wong was in charge from 2007 until 2018. The executive was charged with submitting fake invoices for dental work, got millions of dollars of payments and purchased $3.55 million worth of New York State Lottery tickets with the money he embezzled. He has agreed to pay Municipal Credit Union $9.9 million in restitution, noted Reuters. He's slated to be sentenced on June 4. The National Credit Union Administration was named as Municipal Credit Union's conservator, Linda Lacewell, the state's acting financial services superintendent, told Reuters. Regulators are working to ensure the funds of ...
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| Bank Of Italy To Reward Eco-Friendly Companies
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 The Bank of Italy is gearing up to reward companies that make moves to fight climate change, reported Reuters. According to the report, the Bank of Italy is joining other central banks in creating investment criteria that reward green actions in an effort to get banks and money managers to be more environmentally friendly. By the end of June, the new criteria will apply to about $8.9 billion in shareholdings. It will be extended to its corporate bond holding at a later time, reported Reuters, citing the Bank of Italy. The central bank didn't say when the standards would apply to corporate bonds in its portfolio. Bank of Italy is part of the Network for Greening the Financial System, which is a group which views climate change as impacting financial stability. The Bank of Italy plans to name an independent adviser which will help the central bank find companies that are top performers in terms of the environment, social issues and governance. Companies in its portfolio have to have greenhouse emission of ...
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, all countries ( USA, Great Britain, India, Australia, New Zealand ) (sources)
