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Enforcement
US SEC Expands Enforcement Unit Dedicated to Crypto, Cyber
05/05/2022
The additional resources will be used to prioritise investigations related to crypto asset offerings, exchanges, lending and staking products, as well as DeFi platforms, NFTs and stablecoins.
Fintech / Regtech
FSC Korea Issues New Rules for Fractional Investing Services
05/05/2022
The FSC will classify fractional investment products as securities on a case-by-case basis and require issuing firms to adopt investor protection measures.
Market Infrastructure
RBA Calls on Major Banks to Enhance NPP Services
05/05/2022
The RBA is seeking assurances on the timely implementation of new NPP services, and asking banks to improve the reliability of the NPP services they already provide.
Capital / Liquidity
ISDA to Recognise China as Clean Netting Jurisdiction
04/05/2022
ISDA plans to publish a legal opinion recognising China as a jurisdiction in which close-out netting can be applied, paving the way for a more diversified onshore derivatives transactions.
APRA Scraps Expectations on Negative Rate Preparedness
04/05/2022
Banks asked for an extension on a 31 July 2022 deadline, citing market conditions and resource pressures due to other priorities.
Fintech / Regtech
S. Korea Set to Delay Capital Gains Tax for Crypto
04/05/2022
President-elect Yoon Seok-yeol is planning to defer the tax to 2025 to allow time for the enactment of a new set of regulations designed to protect consumers.
Securities / Derivatives
AIMA Publishes Institutional Investor Guide on Digital Asset Custody
04/05/2022
The guide was produced with contributions from Anchorage Digital, Barclays Investment Bank, Capco, Coinbase, Copper, Digivault, and Fidelity Digital Assets, among others.
AML / KYC
BSP Sanctions BDO, UBP Over Unauthorised Bank Transfers
04/05/2022
The BSP said it has completed its investigation into the incident and sanctioned both BDO Unibank and UBP, but it did not specify the penalties.
AML / KYC
NAB Enters Undertaking to Uplift AML/CTF Compliance
04/05/2022
NAB’s action plan has to be completed by 31 Dec 2024, and a final report issued by Mar 2025. An independent auditor will have to report progress to AUSTRAC annually.
Enforcement
UK Regulator Accuses HSBC of Greenwashing Through Advertising
04/05/2022
The UK’s advertising watchdog says HSBC misled customers by selectively promoting its green initiatives without mentioning its continued financing of fossil fuel businesses.
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