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United States
Securities / Derivatives
Philippines Will Implement Short Selling Rules, Says Regulator
By Sanday Chongo Kabange | 07/09/2023
The SEC approved guidelines on short selling as early as 2018. It now says it is pushing to align its rules with major Asian markets.
Crypto / Digital Assets
FASB Votes to Adopt New Crypto Accounting Standard
By Manesh Samtani | 07/09/2023
Under the new rules, companies will be required to measure crypto assets using fair value accounting, instead of the existing cost-less-impairment model.
Sanctions
US, Korea, Japan Announce New DRPK Sanctions
By Editors | 01/09/2023
The three countries pledged to continue working together to counter North Korea’s destabilising activities, including weapons development and cyber attacks.
AML / KYC
Switzerland Proposes Strengthening of AML Framework
By Manesh Samtani | 31/08/2023
The proposed framework would enhance beneficial ownership transparency and make lawyers, consultants and accountants responsible for AML checks.
Enforcement
US SEC Fines Citigroup for ‘Wilful’ Record-Keeping Violations
By Editors | 30/08/2023
The SEC said Citigroup Global Markets used an “unsubstantiated and unverified” method to calculate and record indirect expenses associated with its underwriting work.
Crypto / Digital Assets
US Court Orders SEC to Review Grayscale Bitcoin ETF Application
By Editors | 30/08/2023
The court said the SEC failed to adequately explain why it approved the listing of bitcoin futures ETPs but not Grayscale’s proposed spot bitcoin ETF.
Enforcement
CFTC Fines Goldman Sachs for Missing Audio Recordings
By Editors | 30/08/2023
Goldman’s vendor service for recording mobile calls failed during the pandemic. Commissioner Caroline Pham said the penalty is unfair.
Capital / Liquidity
US Proposes New Resolution Planning, Debt Rules for Banks
By Editors | 30/08/2023
Large banks would have to raise their long-term debt issuance by an estimated $70bn and issue more detailed resolution plans.
Sanctions
US, China Open Communication Channels on Export Controls
By Editors | 30/08/2023
US and Chinese officials agreed to establish a new “export control enforcement information exchange” mechanism and a “commercial issues working group”.
Enforcement
US SEC Settles First NFT-related Enforcement Action
By Manesh Samtani | 29/08/2023
The SEC says NFTs offered and sold to investors by Impact Theory were investment contracts and therefore unregistered securities.
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