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US SEC Commissioner Hester M. Peirce Issues Statement: “Enchanting, but Not Magical: A Statement on the Tokenisation of Securities” Stresses Legal Compliance for Tokenised Assets
On 9 July 2025, US SEC Commissioner Hester M. Peirce published a statement titled “Enchanting, but Not Magical: A Statement on the Tokenisation of Securities”, where she discussed the increasing adoption of blockchain technology for the tokenisation of securities. Commissioner Peirce stated that, despite the innovative potential of tokenisation to facilitate capital formation and enhance asset utility, tokenised securities remain subject to existing US federal securities laws. She warned that blockchain technology does not change the legal nature of the underlying asset; therefore, all market participants, including both new entrants and established firms, must adhere to US SEC regulations when issuing, distributing, or trading tokenised securities. Commissioner Peirce also pointed out the unique risks associated with third-party tokenisation, such as counterparty risks, and reminded distributors of their disclosure obligations under US SEC rules. She encouraged market participants...
Crypto Asset Exchange-Traded Products – Division of Corporation Finance, July 1, 2025: SEC Staff Clarifies Disclosure Expectations for Crypto ETP Issuers
On 1 July 2025, the U.S. Securities and Exchange Commission’s Division of Corporation Finance released a staff statement titled Crypto Asset Exchange-Traded Products – Division of Corporation Finance. The statement aims to provide clarity and guidance on the application of U.S. federal securities laws to disclosures made by issuers of crypto asset exchange-traded products (ETPs). It outlines key disclosure practices under the Securities Act of 1933 and the United States Securities Exchange Act of 1934, reflecting the staff’s observations during its review of recent ETP registration filings. This staff statement is directed at crypto ETP sponsors, legal counsel, compliance officers, and investment professionals involved in product development and US SEC reporting. The Division has expressly clarified that the statement is a staff view, not a rule, regulation, or official position of the Commission. it creates no new or additional obligations. The crypto asset ETPs discussed are not...
US SEC Reviews Nasdaq Proposal to Permit In-Kind Creations and Redemptions for iShares Bitcoin Trust
On 9 July 2025, the United States Securities and Exchange Commission (US SEC) publishes a Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 2, as Modified by Amendment No. 2, to Amend the Rules Governing the Listing and Trading of the iShares Bitcoin Trust to Permit In-Kind Creations and Redemptions [Release No. 34-103406; File No. SR-NASDAQ-2025-008], by The Nasdaq Stock Market LLC. The proposal seeks to amend the operational mechanics of the iShares Bitcoin Trust to allow for in-kind creations and redemptions of shares, in addition to the currently permitted cash-based process. The Nasdaq Stock Market LLC filed the original proposed rule change on 24 January 2025 pursuant to Section 19(b)(1) of the United States Securities Exchange Act of 1934 and Rule 19b-4 thereunder. On 4 February 2025, Nasdaq submitted Amendment No. 1, which replaced and superseded the initial filing in its entirety. The proposal was published for comment in the Federal Register on 12...
US SEC Extends Review Period for Proposed Listing of Canary Staked TRX ETF on Cboe BZX
On 9 July 2025, the United States Securities and Exchange Commission (US SEC) issued a Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to List and Trade Shares of the Canary Staked TRX ETF under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, Release No. 34-103405 (File No. SR-CboeBZX-2025-069), designating a longer period for Commission action on a proposed rule change submitted by Cboe BZX Exchange, Inc. to list and trade shares of the Canary Staked TRX ETF under BZX Rule 14.11(e)(4), governing Commodity-Based Trust Shares. The US SEC’s order extends the time for review of a proposed rule change filed under Section 19(b)(1) of the United States Securities Exchange Act of 1934 and US SEC Rule 19b-4 thereunder. The proposal seeks approval to list and trade shares of the Canary Staked TRX ETF. Pursuant to Section 19(b)(2) of the United States Exchange Act, the US SEC has until 27 August 2025 to approve, disapprove, or institute proceedings...
Hong Kong HKMA and HK SFC Publish Joint Consultation Conclusions on Annual Update to Financial Services Providers List under the OTC Derivatives Regulatory Regime
On 26 June 2025, the Hong Kong Monetary Authority (HKMA) and the Hong Kong Securities and Futures Commission (HK SFC) jointly issued the “Consultation Conclusions on the Annual Update to the Financial Services Providers List under the OTC Derivatives Regulatory Regime.” The updated list of Financial Services Providers (FSP List) will be implemented from 1 January 2026. The finalised annual revisions to the Hong Kong Financial Services Providers List under the city’s over-the-counter (OTC) derivatives regulatory regime, is an important component of the statutory clearing framework under the Hong Kong Securities and Futures Ordinance (Cap. 571) and is used to designate entities with roles in the global derivatives market. The revised FSP List will be gazetted during the fourth quarter of 2025 and will come into force on 1 January 2026. The Hong Kong Financial Services Providers List identifies entities that are subject to enhanced clearing obligations under the OTC derivatives...
Swiss FINMA Opens Consultation on Risk Diversification and Liquidity Ordinances for Banks and Securities Firms
On 3 July 2025, the Swiss Financial Market Supervisory Authority (FINMA) launched consultations on two new ordinances, the Ordinance on the Risk Diversification of Banks and Securities Firms (RDO-FINMA) and the Ordinance on the Liquidity of Banks and Securities Firms (LiqO-FINMA), set to replace three existing FINMA circulars and take effect from 1 January 2027. The consultation, which runs until 29 September 2025, aims to establish FINMA’s regulatory hierarchy obligations under Article 7(1) of the Swiss Financial Market Supervision Act (FINMASA). The new ordinances will replace FINMA Circulars 2019/1 (Risk Diversification), FINMA Circular 2013/7 (Intra-Group Position Limits), and FINMA Circular 2015/2 (Liquidity Risks). FINMA stated that the content remains substantially consistent, with targeted technical updates aligned with Basel III reforms and industry feedback. With the adoption of the two new ordinances, FINMA is executing a systematic consolidation and upgrade of existing...
UK FCA Chief Data Officer Jessica Rusu Delivers Policy Remarks on AI Regulation and Innovation at City Week 2025
On 1 July 2025, Jessica Rusu, Chief Data, Information and Intelligence Officer of the United Kingdom Financial Conduct Authority (UK FCA), delivered a speech titled “Harnessing AI and technology to deliver the FCA’s 2025 strategic priorities” at the AI and Digital Innovation Summit during City Week 2025. The speech outlined the UK FCA’s commitment to fostering AI innovation in financial services, emphasizing a pro-growth, proportionate regulatory environment to support technological advancement while ensuring consumer protection and market integrity. The speech addressed the transformative potential of AI in financial services, focusing on regulatory tools like the Supercharged Sandbox and AI Live Testing to support firms. Rusu emphasized existing frameworks, such as the Senior Managers Regime and Consumer Duty, as sufficient for AI oversight, avoiding the need for new regulations. The remarks targeted financial services firms, fintechs, and innovators, with calls for collaboration...
FATF Publishes Blacklist of High-Risk Jurisdictions Requiring Enhanced Due Diligence as of 13 June 2025
On 13 June 2025, the Financial Action Task Force (FATF) released its latest update on High-Risk Jurisdictions subject to a Call for Action, commonly referred to as the FATF “blacklist.” This designation identifies countries with serious and ongoing strategic deficiencies in their regimes to counter money laundering, terrorist financing, and the financing of weapons of mass destruction proliferation. The FATF continues to call upon all its members and urges all jurisdictions globally to apply enhanced due diligence (EDD) to financial transactions involving these countries. In the most severe cases, jurisdictions are advised to impose counter-measures to safeguard the integrity of the international financial system. These may include increased reporting requirements, limitations on business relationships, or other restrictive measures as deemed appropriate. As of 13 June 2025, the following jurisdictions remain on the blacklist: Democratic People’s Republic of Korea (North Korea) Iran...
Singapore MAS Imposes S$960,000 in Composition Penalties on Five Payment Institutions for AML/CFT Breaches in Q2 2025
On 1 July 2025, the Monetary Authority of Singapore (MAS) released its quarterly update on regulatory and enforcement actions. MAS imposed composition penalties totalling S$960,000 on five regulated entities i.e. Remsea Pte Ltd, Arcade Plaza Traders Pte Ltd, J-Dee Remittance Services Pte Ltd, Mobile Community Tech Pte Ltd, and OxPay SG Pte Ltd, for violations of Singapore’s AML/CFT requirements applicable to Major Payment Institutions under the Singapore’s Payment Services Act 2019 and relevant AML notices. MAS has the authority to take a range of enforcement actions in response to regulatory breaches, including reprimands, civil penalties, composition payments, prohibition orders, and, where warranted, referrals for criminal prosecution. In line with its statutory mandate, MAS assesses each enforcement case with reference to the severity of the breach, potential systemic impact, and deterrent effect required to prevent recurrence. The five penalised firms were found to have breached...
US CFTC Issues Comprehensive FAQ Guidance on Futures Commission Merchant Registration and Compliance Obligations
On 30 June 2025, the United States Commodity Futures Trading Commission (US CFTC) released a set of Frequently Asked Questions (FAQs) clarifying the registration requirements and ongoing compliance obligations applicable to Futures Commission Merchants (FCMs). Issued by the US CFTC’s Market Participants Division, the guidance addresses increased interest in FCM registration, particularly among entities seeking to enter the derivatives market by acquiring existing FCMs, and outlines foundational responsibilities under the Commodity Exchange Act and relevant US CFTC regulations. The FAQs provide authoritative clarity on the procedural and operational requirements for FCM registration and ongoing regulatory compliance under the United States Commodity Exchange Act and associated US CFTC regulations (17 CFR Chapter I). The guidance applies to entities intending to register as FCMs or acquire existing FCMs and covers key areas such as recordkeeping, financial reporting, capital adequacy,...
US CFTC Issues No-Action Letter for MIAX Futures on Derivatives Trading of Wheat Options
On 25 June 2025, the United States Commodity Futures Trading Commission (US CFTC) issued a No-Action Letter (CFTC No-Action Letter No. 25-17) in relation to MIAX Futures Exchange, LLC’s temporary trading of Minneapolis Hard Red Spring Wheat (HRSW) options on futures exclusively through block trades, administered by the Division of Market Oversight. The No-Action Letter addresses MIAX Futures’ request to facilitate trading of HRSW options after the unavailability of an electronic trading system, following the migration of HRSW futures to MIAX’s Onyx platform on 29 June 2025. It provides temporary relief from certain Designated Contract Market (DCM) requirements under the United States Commodity Exchange Act, allowing market participants, including non-Eligible Contract Participants (non-ECPs), to trade out of or offset open positions in the September and December 2025 expirations. The relief is conditional, time-limited, and aims to ensure market continuity without compromising...
US SEC Reviews NYSE Arca Proposal to List Grayscale Crypto ETF: Amendment Filed to Enable Spot Market Exposure via Digital Large Cap Fund
On 27 June 2025, the United States Securities and Exchange Commission (US SEC) issued Release No. 34-103345 (File No. SR-NYSEARCA-2024-87), inviting public comment on Amendment No. 1 to NYSE Arca’s proposed rule change to list and trade shares of the Grayscale Digital Large Cap Fund LLC, a diversified crypto trust tracking the CoinDesk 5 Index. The revised proposal seeks approval under the Exchange’s existing Rule 8.500-E. The revised filing withdraws NYSE Arca’s prior effort to introduce a new listing category for digital asset-based investment interests (Rule 8.800-E) and instead integrates the proposal within established Trust Unit rules under Rule 8.500-E. The amendment aims to transform the Grayscale Digital Large Cap Fund (GDLC), currently quoted on OTCQX, into a publicly listed spot crypto ETF, allowing in-kind creation and redemption mechanisms. The US SEC continues its evaluation under Section 6(b)(5) and Section 19(b)(2)(B) of the United States Securities Exchange Act of...
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