Enforcement

ASIC Launches Civil Proceedings in Two Fees-for-no-service Cases

20/08/2020

ASIC has commenced ‘fees for no service’ cases against Asgard Capital Management, BT Funds Management, and StatePlus Super.

Enforcement

SEC Opens Fraud Investigation Into Chinese Streaming Service iQiyi

17/08/2020

The investigation into follows an April report from Wolfpack Research alleging Nasdaq-listed iQiyi inflated its revenue, user numbers and expenses.

Fintech / Regtech

Federal Reserve, MIT to Develop, Test ‘Hypothetical’ Digital Dollar

16/08/2020

Fed governor Lael Brainard said lessons from the collaboration will be published, and any codebase developed will be offered as open-source software.

Fintech / Regtech

UPDATED – China to Include Beijing, Hong Kong in Digital Yuan Pilot

16/08/2020

The move to expand the digital yuan pilot to major cities including Shanghai, Beijing, Guangzhou and Hong Kong brings coverage to a potential user base of around 400 million.

Fintech / Regtech

Singapore Premiers Blockchain-based Bond Exchange, BBX

13/08/2020

BondbloX Bond Exchange uses a permissioned blockchain to enable electronic trading of bonds in $1,000 denominations, with instant settlement and greater price transparency.

Securities / Derivatives

ASIC Issues Warning on Asset Valuations in Managed Funds

12/08/2020

ASIC says it is aware that illiquid assets have been difficult to value amid the pandemic, but asserts that it is precisely in this context that valuations are most important.

Fintech / Regtech

ACCC Declines to Pursue Banks Over Screen Scraping Warnings

12/08/2020

Australia’s competition watchdog says the banks’ warnings against screen scraping security risks do not constitute anti-competitive conduct.

Securities / Derivatives

Korea: FSS to Probe Frozen Notes Linked to Singapore, Hong Kong

10/08/2020

The FSS reportedly wants to determine why redemptions in some structured notes linked to Singapore trading firms have been frozen.

Market Infrastructure

Hong Kong FSDC Proposes to Allow Tax Offsets Within Group Structures

10/08/2020

The proposed reforms would allow financial services groups operating in Hong Kong to offset the profits of one group company against losses in another.