Market Infrastructure

OCBC Joins LCH SwapClear and HKEX’s OTC Clear

24/09/2023

Direct clearing membership with LCH SwapClear and OTC Clear will help lower costs and enable better hedging tools for investors.

Enforcement

Australia Court Fines NAB $1.3m for Overcharging Customers

23/09/2023

The penalty was the maximum allowed by legislation that existed at the time of the contravening conduct. The court said a penalty “several times” higher would have been more appropriate.

ASIC Postpones Financial Adviser Registration to 2024

22/09/2023

The financial adviser registration requirement was initially due to commence in January 2023. This is now the third extension.

Crypto / Digital Assets

SFC Confirms Crypto Firm JPEX Never Approached it About Licensing

22/09/2023

JPEX breached the SFO and AMLO by publishing confidential correspondence with the SFC. Three more arrests have been made.

Enforcement

ASIC Fines Interactive Brokers Over Client’s Suspicious Trading

21/09/2023

ASIC said the firm was ‘negligent’ in its failure to identify suspicious trading by a client and ‘reckless’ in continuing to allow further suspicious trading after ASIC raised concerns.

Enforcement

ASIC Sues Crypto Exchange for Margin Trading Product

21/09/2023

ASIC says Bit Trade did not comply with its design and distribution obligations when offering a margin trading product to Australian customers.

Enforcement

Australia Proposes Reforms After PwC Tax Leak Scandal

21/09/2023

Australia has commenced consultations on draft legislation to strengthening the integrity of the tax system and increasing the power of regulators.

Enforcement

US SEC Charges NY Investment Firm for Advising Russian Oligarch

19/09/2023

The SEC charged Concord Management and its owner for failing to register as investment advisers while advising a sanctioned Russian oligarch.

AML / KYC

NZ Banks Pledge New Measures to Combat Scams

18/09/2023

The measures include the establishment of a national Anti-Scam Centre and the introduction of a ‘confirmation of payee’ account name checking service.