Enforcement

CFTC Fines HSBC for “Deceptive Trading”, WhatsApp Use

14/05/2023

The CFTC fined three HSBC affiliates a total $75m for manipulative and deceptive trading, spoofing, and supervision and record-keeping failures.

Securities / Derivatives

Korea Offers Tax Benefits to Investors in High Yield Bond Funds

14/05/2023

The incentive is expected to help boost the demand for mid- and low-credit grade corporate bonds in the market.

AML / KYC

US SEC Fines Philips for Corrupt Practices in China

14/05/2023

Dutch medical supplier engaged in “improper” conduct and bidding practices to sell its medical technology products in China.

MAS Reappoints Ravi Menon as Head for Two More Years

14/05/2023

Menon will serve as Managing Director until 31 May 2025 or his retirement from the Singapore Public Service, whichever is earlier.

Capital / Liquidity

Hong Kong Roundtable: Bankers Explore Evolving Risk Landscape

14/05/2023

Regulation Asia and Wolters Kluwer held a roundtable with Hong Kong bankers to discuss the evolving risk landscape in the city.

AML / KYC

Philippine AMLC Issues New Sanctions Screening Guidance

13/05/2023

An AMLC review found deficiencies including excessive manual processes, high false positives, and a lack of understanding of how sanctions screening systems operate.

Capital / Liquidity

California Regulator Concludes Reviews into SVB Failure

13/05/2023

In the years leading up to SVB’s failure, DPFI identified deficiencies at the bank, but “did not take adequate steps” to ensure they were resolved quickly.

Fintech / Regtech

Key Committees in EU Parliament Vote to Adopt “AI Act”

13/05/2023

The rules are aimed at supporting AI innovation while also protecting rights, strengthening oversight, and ensuring mature governance and enforcement.

Crypto / Digital Assets

Jane Street, Jump Crypto to Scale Down US Crypto Business

13/05/2023

Jane Street Group and Jump Crypto are the latest firms to scale down US operations, citing regulatory uncertainty.