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AML / KYC
US SEC Issues Fines Over Identity Theft Prevention Programmes
By Editors | 28/07/2022
JP Morgan Securities will pay a $1.2mn penalty, UBS Financial Services will pay $925,000, and TradeStation Securities will pay $425,000.
Securities / Derivatives
Alibaba Unveils Plans to Upgrade Hong Kong Listing Status
By Editors | 27/07/2022
Alibaba is planning to upgrade its secondary listing status in Hong Kong to a primary listing, so that it can qualify for inclusion in Stock Connect and benefit from mainland investment.
Securities / Derivatives
CFTC, SEC Preparing to Tackle More Crypto-related Risks
By Manesh Samtani | 27/07/2022
The CFTC has a new innovation office and is realigning its customer education office. The SEC has appointed 20 new specialists to its crypto unit and wants a bigger budget.
Market Infrastructure
SOFR Academy, Invesco Launch New Credit Spread Indices
By Editors | 26/07/2022
The new indices – known as AXI and FXI – will serve as forward-looking credit spread add-ons for SOFR for use in lending and derivatives markets.
Crypto / Digital Assets
US SEC Plans to Require Registration from Crypto Lending Firms
By Mark Johnston | 26/07/2022
SEC Chair Gary Gensler said many crypto lenders operate investment companies or banks, and that they should have to be registered under securities law.
Securities / Derivatives
SGX, NYSE Agree to Collaborate on Dual Listings
By Editors | 25/07/2022
The agreement also covers the joint development of new ESG, index, and ETF products to address the growing needs of market participants and investors.
Crypto / Digital Assets
US DOJ Charges Ex-Coinbase Employee for Insider Trading
By Manesh Samtani | 25/07/2022
A former Coinbase employee and two others were charged. The SEC’s parallel action classifies 9 crypto tokens as securities. Coinbase files a petition.
Market Infrastructure
Fed Consults on Default Rules for Legacy LIBOR Contracts
By Editors | 24/07/2022
The rules would implement a law enacted earlier this year that provides a uniform solution for replacing LIBOR references in contracts without adequate fallback provisions.
Enforcement
UK FRC Scrutinises Audit Firms’ Exam Cheating Controls
By Editors | 24/07/2022
The UK Financial Reporting Council asked 7 audit firms to detail the controls that are in place to prevent and detect cheating in professional exams.
AML / KYC
US Recovers Crypto Ransoms Paid by Healthcare Providers
By Editors | 23/07/2022
The FBI seized about USD 500,000 from two crypto accounts that had received ransoms paid by US health care providers to North Korean hackers.
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