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Enforcement
US SEC Penalises Schwab Over Robo-Adviser Disclosures
By Editors | 16/06/2022
High cash balances resulted in lower returns for robo-adviser clients. The effect of this “cash drag” was not disclosed to clients, the SEC said.
Market Infrastructure
US Lawmakers Propose Measures to Block Investment in China
By Editors | 16/06/2022
The bill, if passed, will bring more pain to US companies than Chinese companies, says a China Foreign Ministry spokesman.
Market Infrastructure
US Fed Raises Interest Rates by Most Since in 28 Years
By Editors | 16/06/2022
The HKMA has responded with a 75bp interest rate hike of its own, after intervening overnight to defend the HKD peg to the US dollar.
AML / KYC
US, UK to Jointly Promote Privacy-Enhancing Tech for AML
By Editors | 15/06/2022
The joint initiative will seek to accelerate the development of privacy-preserving federated learning solutions that can help to combat financial crime.
Market Infrastructure
Is Asia Pacific Ready for T+1 Settlement?
By Nellie Dagdag | 15/06/2022
Nellie Dagdag considers the implications of a move to T+1 settlement cycle for equities in Asia Pacific, and the benefits it will bring.
ESG / Sustainability
US SEC Probes Goldman Sachs for Suspected Greenwashing
By Editors | 14/06/2022
The SEC is reportedly investigating whether disclosures made to clients accurately described the investment practices used by two Goldman funds.
Securities / Derivatives
Canadian Regulators Propose Revised Derivatives Reporting Rules
By Manesh Samtani | 13/06/2022
The CSA says the proposed rules will enable market participants to harmonise their reporting systems across multiple global regulators.
Enforcement
Korean Police Arrest CEO of Discovery Asset Management
By Editors | 13/06/2022
CEO Jang Ha-won faces charges of fraud and violation of the Capitals Market Act for selling funds which caused $194mn in losses to investors.
Crypto / Digital Assets
Korean Police Probe Possible Embezzlement at Terraform Labs
By Editors | 13/06/2022
Crypto exchanges are also being asked to draft guidelines on the listing and delisting of digital tokens, so as to protect investors from another Terra-like collapse.
AML / KYC
OFAC Blocks Secondary Market Trading in Russian Debt, Equity
By Editors | 12/06/2022
To date, only the purchase of new issues has been prohibited, and trading in secondary markets has still been allowed.
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