Sustainable Finance

LMA Publishes Model Provisions for Sustainability-linked Loans

07/05/2023

The model provisions provide a basic drafting framework to assist parties in the negotiation of documentation for sustainability-linked loans.

Cybersecurity

NYDFS Fines BitFlyer for Deficient Cybersecurity Programme

07/05/2023

BitFlyer USA did not perform risk assessments, implement a written cybersecurity policy, or conduct annual reviews. The firm said it has completed over 90% of its planned remediation work.

Fraud, Scams & Cybercrime

India Supreme Court Allows Prosecution of Deloitte, KPMG Units

07/05/2023

Supreme Court ruling allows criminal complaints against Deloitte Haskins & Sells and BSR & Associates over their handling of IL&FS audits to proceed.

Market Abuse

FSS Korea Uncovers First “Malicious” Cases of Naked Short Selling

06/05/2023

The FSS uncovered cases where market participants deliberately short-sold securities without first borrowing the stock in a bid to “maximise trading profits”.

Clearing & Post-Trade

Regulators Announce 15 May Launch Date for Swap Connect

06/05/2023

Swap Connect will allow overseas investors to trade in Mainland interest rate swap contracts on CFETS via Tradeweb and Bloomberg.

Anti-Money Laundering

India Amends Laws Governing Accountants, Company Secretaries

05/05/2023

Chartered accountants, company secretaries, and cost and work accountants will have to maintain records of all financial transactions for clients.

Operational Risk

MAS Imposes Additional Capital Surcharge on DBS for Outages

05/05/2023

A new disruption on 5 May prevented users from accessing digital banking, mobile wallet, brokerage, and ATM services.

Market Abuse

Ex-OpenSea Manager Convicted for NFT Insider Trading Scheme

05/05/2023

Nathaniel Chastain chose which NFTs to feature on OpenSea’s home page and then covertly traded those NFTs, altogether making about $57,000 in profits.

Fraud, Scams & Cybercrime

Taiwan P2P Lender Collapses, Operator Arrested for Fraud

05/05/2023

The FSC is investigating five banks that dealt with the P2P lending platform, which was operated as a Ponzi scheme and stole an estimated $81.6mn from investors.