Enforcement

S. Korea Sees First Securities Class Action Related to an IPO

20/03/2024

The class action is against semiconductor company FADU and its underwriters, NH Investment & Securities and Korea Investment & Securities.

BOT to Randomly Inspect Banks to Assess Debt Restructuring Efforts

20/03/2024

The inspections will be used to ensure lenders are offering reasonable and realistic debt solutions to customers, in line with guidelines issued at the start of the year.

Securities / Derivatives

Taiwan to Lower Shareholding Disclosure Threshold on 10 May

20/03/2024

The threshold that triggers requirements to disclose substantial shareholdings will be lowered from 10% to 5%. Reporting will also shift from paper-based to electronic.

Crypto / Digital Assets

ECB Establishes Seven New Digital Euro Rulebook Workstreams

20/03/2024

The workstreams are aimed at developing rulebook proposals covering UX standards, a certification and approval framework, risk management, and implementation specifications.

Hong Kong LegCo Passes New National Security Law

20/03/2024

Lawmakers say the law was necessary to protect Hong Kong’s status as an international hub. Critics express concern that it could be used to erode civil liberties.

Enforcement

CFTC Fines US Bank, Oppenheimer for Record Keeping Failures

20/03/2024

US Bank was fined $6mn and Oppenheimer $1mn. Last month, the SEC also announced fines against Oppenheimer and a US Bank affiliate in a related case.

Crypto / Digital Assets

US SEC Secures $21m Settlement from Crypto Lender Genesis

20/03/2024

Genesis will only have to pay the civil penalty after all allowed claims in its bankruptcy are settled, including claims by Gemini Earn investors.

ESG / Sustainability

EU Corporate Sustainability Due Diligence Directive Passes Key Committee

20/03/2024

Compared to the initial proposal, the number of companies in scope has been scaled back, and the financial industry is excluded, among other changes.

PBOC Revises Complaints Handling Procedures for Credit Reporting

20/03/2024

The revised procedures will improve convenience for complainants, reduce the cost of complaints, and help consumers safeguard their credit rights, the PBOC said.