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Emerging Prudential Risks
Korea Takes Emergency Measures to Stabilise Markets, Currency
By Editors | 29/09/2022
MOEF and BOK are buying government bonds to lower yields, and the FSC is preparing to reactivate a stock market stabilisation fund created during the Covid-19 pandemic.
Conduct, Culture & Accountability
SEC, CFTC Fine 16 Firms Over Use of Personal Devices, Chat Messaging
By Editors | 29/09/2022
The 16 firms agreed to pay a combined $1.82bn for failing to preserve staff communications on personal mobile devices, messaging apps and emails.
CBDCs
BIS Announces Successful Completion of mBridge CBDC Pilot
By Editors | 29/09/2022
The month-long testing phase facilitated more than 160 transfers and FX exchanges worth USD 22 million on the mBridge Ledger.
Cryptocurrency
FTX Wins Auction to Buy Assets of Bankrupt Voyager Digital
By Editors | 29/09/2022
FTX won a “highly competitive auction process” that lasted two weeks with the “highest and best bid for its assets”, valued at just over USD 1.4 billion.
Trading & Investment
PBOC Raises Costs for Firms to Bet Against the Yuan
By Editors | 29/09/2022
The PBOC is actively discouraging currency speculation and asking banks to reintroduce a yuan fixing tool that was abandoned two years ago.
DeFi & Web3
CFTC Penalises Crypto Firm, Pursues First Case Against DAO
By Editors | 29/09/2022
Crypto firm bZeroX transferred its software protocol to a DAO and then marketed this as a way to be “enforcement-proof”.
Payments & Settlements
SEBI Developing New Settlement Process for Stock Market
By Editors | 28/09/2022
Under the new system, funds for secondary stock market transactions would be blocked until securities settlement is done.
Clearing & Post-Trade
India’s CCIL Proposes to Create Infrastructure for UMR Compliance
By Manesh Samtani | 28/09/2022
CCIL says market participants have expressed a desire since 2016 for it to provide the centralised infrastructure needed for UMR compliance.
Reporting & Disclosures
ESMA Publishes Final Guidelines on MiFID II Suitability Requirements
By Editors | 28/09/2022
Firms will need to help clients understand the concept of sustainability preferences and explain differences between products with and without sustainability features.
KYC & CDD
SFC Shines Regulatory Spotlight on Online Platforms
By Hannah Cassidy | 28/09/2022
Hannah Cassidy and Natalie Curtis discuss key areas of concern for the SFC in relation to the online platforms operated by licensed firms.
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