ASIC Warns on Using ‘Influencers’ to Promote Financial Products

22/03/2022

ASIC places responsibility firmly on AFS licensees to ensure that any influencers they use and the financial-related content they present complies with the law.

Enforcement

HKEX Censures Six Directors Over “Unchecked Spending Spree”

19/03/2022

The investment holding company spent over HK$60mn of company money to acquire luxury assets including a HK$24.5mn yacht, a HK$20mn diamond, seven cars, and 57 paintings.

Securities / Derivatives

Hong Kong’s First SPAC Listing Debuts on HKEX Main Board

18/03/2022

Aquila Acquisition Corporation was the first SPAC in Hong Kong to win approval from HKEX for a listing since the city’s SPAC listing regime was introduced.

Fintech / Regtech

Australian Regulators Call for Action to Regulate Crypto Sector

18/03/2022

The RBA’s Philip Lowe, ASIC’s Joe Longo and APRA’s Wayne Byres are calling additional regulation to protect consumers from risks associated with the crypto sector.

Market Infrastructure

SFC Seeks to Allow Broker Participation in GBA Wealth Connect

18/03/2022

A hurdle that still needs to be overcome is that Hong Kong brokerages are currently prohibited from distribution and soliciting clients in mainland China.

Securities / Derivatives

Australian Super Funds Shy Away from Chinese Equities – Report

18/03/2022

China’s crackdown on certain sectors has left super fund executives fearing that direct equity exposures to China may not be worth the added risk.

Market Infrastructure

FIA Progresses Initiative to Develop New Derivatives Standards

17/03/2022

FIA intends to launch an independent body to be called Derivatives Market Institute for Standards or DMIST in Q2 2022.

AML / KYC

NZ FIU Calls for Help to Combat Transnational Organised Crime

16/03/2022

Reporting entities are “uniquely positioned” to detect TNOC activity through the implementation of preventive measures and reporting to the FIU.

Fintech / Regtech

BSP to Initiate Pilot Project to Test CBDC Use Cases

16/03/2022

The BSP is looking to explore the use of CBDC in account-based distribution of cash assistance, as well as in cross-border money transfers.