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ENFORCEMENT
Capital / Liquidity
SFC Imposes Lifetime Ban on Director of Licensed Firms
By Sanday Chongo Kabange | 07/06/2023
A director for two licensed firms was banned for life over failures to maintain sufficient liquid capital, and for lying to the SFC.
Enforcement
HK PCPD Calls For Regulation of Credit Database Providers
By Ranamita Chakraborty | 07/06/2023
The PCPD discovered in an investigation that the operator of the TE Credit Reference System put in place deficient security measures.
Crypto / Digital Assets
US SEC Seeks Emergency Freeze on Binance Assets
By Manesh Samtani | 07/06/2023
The emergency motion comes a day after the SEC charged Binance and its CEO for alleged securities law violations.
Crypto / Digital Assets
US SEC Charges Coinbase for Alleged Securities Law Violations
By Manesh Samtani | 06/06/2023
Ten US states separately accused Coinbase of securities law violations. CEO Brian Armstrong said the SEC lawsuit will help establish clarity around crypto rules.
Enforcement
ASIC Issues First DDO Stop Order Against CFD Distribution
By Sanday Chongo Kabange | 06/06/2023
ASIC said Mitrade Global relied on a retail investor questionnaire with “significant flaws”. The interim stop order was later revoked.
Enforcement
ASX Releases Reports on CHESS System to ASIC, RBA
By Sanday Chongo Kabange | 06/06/2023
ASX to keep CHESS operational until at least 2032. ASIC said it is prepared to take regulatory action to ensure ASX complies with its regulatory obligations.
Enforcement
PwC Australia Facing Loss of “Substantial” Government Contracts
By Editors | 06/06/2023
A number of government agencies, including ASIC, are reviewing contracts with PwC Australia over confidentiality breaches.
Crypto / Digital Assets
US SEC Charges Binance for “Elaborate Scheme” to Evade Law
By Manesh Samtani | 06/06/2023
CEO Changpeng Zhao said the lawsuit was the latest example of “regulation by enforcement” and that the SEC seeks a “near eradication” of the crypto industry.
Enforcement
ASIC Reviewing Product Governance of BNPL Providers
By Sanday Chongo Kabange | 05/06/2023
ASIC issued an interim stop order against a BNPL product but revoked the order a day later due to “immediate corrective action” by the provider.
Capital / Liquidity
IRDAI Orders SBI Life to Take Over Sahara India Life
By Ranamita Chakraborty | 05/06/2023
Sahara Life’s financial position has been deteriorating with rising losses and a higher percentage of claims to total premiums.
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