Securities / Derivatives

Australia Transitions to New Regulatory Regime for Litigation Funders

24/08/2020

Litigation funders will have three months of transition relief before they have to mandatorily hold an AFS licence and comply with rules for managed investment schemes.

Capital / Liquidity

BOT to Launch Debt Restructuring Programme for Businesses

24/08/2020

The new programme is designed to help businesses to restructure debt owed to multiple creditors. A similar programme for household borrowers already exists.

Crypto / Digital Assets

Malaysia, Indonesia Regulators Sign Fintech Cooperation Pact

24/08/2020

The agreement aims to facilitate information sharing, provide joint innovation opportunities, and facilitate cross-border referrals of fintech businesses.

Enforcement

ASIC Takes Former ANZ Unit to Court Over Cybersecurity Failures

24/08/2020

ASIC is seeking orders requiring RI Advice Group to pay a civil penalty and ensure it implements systems to adequately manage cyber risk.

Fintech / Regtech

BSP Takes Consumer Complaints Chatbot Live

20/08/2020

The trilingual automated chatbot can handle queries and complaints from consumers sent through chat via the BSP website, SMS, or Facebook messenger.

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.