Crypto / Digital Assets

ASIC Punishes Fintech Firm for Misrepresenting Crypto Product

28/09/2023

Bobbob and its sole director are prohibited from providing financial services to retail clients for 12 months and paid A$53,000 in penalties.

ASIC Directs Licensees to Improve Remediation Procedures

27/09/2023

ASIC conducted a review of the remediation policies and procedures of some large FIs and identified gaps and inconsistencies that could lead to poor customer outcomes.

Crypto / Digital Assets

PBOC Adds CBDC Feature to Boost Adoption Among Foreigners

27/09/2023

The e-CNY app now allows foreigners to top up their digital wallets using global payment networks Visa and Mastercard.

AML / KYC

Philippine SEC Stresses Need for CDD on DNFBP Clients

26/09/2023

Regulated firms that don’t identify and verify the true identity of DNFBP clients and their beneficial owners may face enforcement action.

Enforcement

Australian Court Fines ANZ for Unlawful Credit Card Charges

26/09/2023

ANZ was ordered to pay a A$15mn penalty, on top of A$8.3mn in remediation paid to over 186,000 credit card accounts.

Crypto / Digital Assets

HK SFC to Provide Transparency on Crypto Licence Applicants

26/09/2023

The SFC will publish a list of all firms that have applied for a VATP licence and launch other investor education initiatives.

Securities / Derivatives

CSRC Probes Hedge Funds, Brokers Over Quant Strategies – Report

25/09/2023

The CSRC is seeking information on the trading strategies and short-selling activities of quant funds, and their impact on the stock market.

Market Infrastructure

HKMA Designates New Market Makers for Southbound Bond Connect

25/09/2023

The new designations bring the total number of designated market makers for Southbound Bond Connect trading from 13 to 22.

Enforcement

US SEC Fines Citadel Securities for Violating Short-Selling Rules

24/09/2023

Citadel agreed to pay $7mn to settle charges that it incorrectly marked short sale orders as long sales, and vice versa, over a five year period.