US Federal Court Strikes Down FTC Rule on Non-Competes

24/08/2024

The court found that the FTC exceeded its statutory authority in issuing the rule, which would have banned non-competes from 4 September.

Capital / Liquidity

Korea Confirms Plans to Tighten Lending Rules in September

23/08/2024

Starting in September, the second phase of the ‘Stressed DSR’ rules will apply, and lenders will be required to calculate the DSR for all new household loans.

Crypto / Digital Assets

SFC Finds ‘Unsatisfactory Practices’ at Some Crypto Firms

23/08/2024

The SFC found an overreliance on just a few executives for custody and inadequate safeguards against cybercrime risks.

AML / KYC

Binance and Macau Police Launch Campaign to Combat Scams

23/08/2024

Binance has partnered with the Macau Judiciary Police to launch an anti-scam campaign, aiming to protect users from the risk of fraud in the digital space.

Securities / Derivatives

US SEC Fines Transfer Agent for Failure to Guard Against Cyber Fraud

23/08/2024

The transfer agent’s failures led to more than $6.6mn in losses from two separate cyber intrusions, one of which involved Hong Kong bank accounts.

ESG / Sustainability

Taiwan FSC to Simplify Requirements for FIs’ Annual Reports

22/08/2024

The proposed changes aim to simplify the process of annual report preparation and promote gender diversity among the boards of financial institutions.

Market Infrastructure

HK Securities Firms Set to be Added to Wealth Connect Scheme

22/08/2024

Ten securities companies including China CITIC Securities, CICC, Huatai Securities and GF Securities will initially be added to the scheme.

Sanctions

OFAC Issues Update on Infrastructure Modernisation Initiatives

22/08/2024

OFAC has released updated FAQs to make sanctions compliance easier and launched a new online platform for the public to submit queries.

Fintech / Regtech

China, Vietnam Sign MOU on Cross Border Payment Connectivity

22/08/2024

The PBOC and SBV signed an MOU focusing on local currency settlement, currency swaps, and cross-border payment connectivity.