Enforcement

CSRC Fines Semiconductor Startup & Executives for IPO Fraud

14/02/2024

S2C Limited was found to have inflated its operating income and net profit in its 2021 application to list on the Shanghai STAR Market.

Sanctions

EU Adopts New Rules for CSDs on Handling of Frozen Russian Assets

13/02/2024

The decision paves the way for the possible use of revenue generated from frozen Russian assets to aid in Ukraine’s reconstruction.

Sanctions

US VC Firms Accused of Supporting China’s Tech Ambitions

13/02/2024

A report released by a US congressional committee accuses Sequoia Capital China, Qualcomm Ventures and three other VC firms of supporting China’s military.

AML / KYC

Small German Bank Suspected of Helping Iran Evade Sanctions – Report

13/02/2024

BaFin has been investigating Hamburg-based Varengold Bank since last year, while APAS has been investigating its independent auditor, PwC.

Enforcement

US SEC Fines 16 More Firms in WhatsApp Probe

11/02/2024

The broker-dealer and investment adviser firms, including Oppenheimer and US Bancorp, agreed to pay a combined $81mn.

Securities / Derivatives

CSRC Designates 13 Funds as “Major” Money Market Funds

10/02/2024

The funds will have to comply with stricter regulatory requirements under rules jointly issued with the PBOC in February 2023.

Securities / Derivatives

HKEX to Accelerate Changes to Executive Leadership

10/02/2024

Current CEO will step down earlier than planned. Co-COO Bonnie Chan will start as CEO on 1 March 2024 instead of 24 May 2024.

Enforcement

CSRC Punishes 63 Employees of China Merchant Securities

10/02/2024

The CSRC warned of increased on-site inspections and a coming crackdown on illegal stock speculation and “irresponsible behavior” by securities practitioners.

Fintech / Regtech

US Launches AI Safety Consortium With 225 Members

09/02/2024

Members include OpenAI, Google, Microsoft, Meta, Apple, Amazon, Nvidia, JPMorgan Chase, Bank of America, Mastercard, Visa and others.