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Enforcement
US SEC Penalises Robinhood $65m for Misleading Customers
By Sanday Chongo Kabange | 21/12/2020
The SEC said Robinhood misled customers into believing trading was commission free, while it executed customers’ orders at inferior trade prices costing them $34mn.
Market Infrastructure
Philippine SEC to Mandate New Cybersecurity Rules for Capital Markets
By Editors | 20/12/2020
Regulated entities will have to create a separate Information Security Group and appoint a Chief Information Security Officer.
Market Infrastructure
US Treasury Labels Vietnam, Switzerland as Currency Manipulators
By Editors | 17/12/2020
Taiwan, Thailand, and India have been added to Treasury’s monitoring list. Singapore intervened in the foreign exchange market in a “sustained, asymmetric manner”.
Enforcement
US SEC Settles Luckin Coffee Fraud Charges for $180m
By Editors | 17/12/2020
Luckin materially misstated its revenue, expenses, and net operating loss to falsely appear to achieve rapid growth and increased profitability, the SEC said.
Capital / Liquidity
ECB Eases Restrictions on Bank Dividends, Share Buybacks
By Editors | 17/12/2020
A continued prudent approach remains necessary until 30 September 2021, given the persisting economic uncertainty, the ECB says.
AML / KYC
MSCI, Nasdaq Announce Removal of Chinese Companies from Indices
By Editors | 17/12/2020
MSCI, Nasdaq, S&P Dow Jones Indices and FTSE Russell have now all announced the removal of Chinese companies from their indexes to comply with last month’s executive order.
Securities / Derivatives
SGX Launches New Sustainability Platform, Plans New ESG Products
By Manesh Samtani | 16/12/2020
SGX is bringing third-party ESG ratings to Singapore listed companies and will introduce new ESG-focused investment and risk management products.
Press Release
NICE Actimize Awarded Best Solution in Market & Trading Surveillance
By Editors | 15/12/2020
NICE Actimize uses artificial intelligence and analytics to spot market abuse, conduct risk and suspicious communications early on, thereby preventing reputational, financial and regulatory risk.
Fintech / Regtech
Improving Operational Resilience: A Priority for the Year Ahead
By David LaFalce | 14/12/2020
DTCC’s David LaFalce highlights the need for firms to remove manual processes, re-evaluate their interconnectedness, and seek out opportunities for industry collaboration.
AML / KYC
No Banks Subject to HKAA Secondary Sanctions: US Treasury
By Manesh Samtani | 13/12/2020
In a report to Congress, the Treasury said it has not identified any foreign FIs that “knowingly” conducted significant transactions with the ten individuals sanctioned in October.
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