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US SEC Secures Final Judgment against Investment Adviser Over Fraudulent “Cherry-Picking” Scheme
On 23 December 2024, the United States Securities and Exchange Commission (US SEC) secured a final judgment against Steven J. Susoeff and his investment advisory firm, Steve Susoeff, LLC, doing business as Meritage Financial Group. The judgment was issued by the United States District Court for the District of Nevada in Securities and Exchange Commission v. Steven J. Susoeff and Steve Susoeff, LLC (dba Meritage Financial Group), Civil Action No. 2:23-cv-00173. The case arose from allegations that Susoeff engaged in a fraudulent “cherry-picking” scheme, improperly allocating investment profits in violation of United States federal securities laws. According to the complaint, filed on 1 February 2023, the US SEC alleged that Susoeff, as the sole owner and principal of Meritage Financial Group, engaged in a scheme where he systematically directed profitable trades to favoured accounts, including those of his girlfriend and business associate, while consistently assigning unprofitable...
US SEC Small Business Advisory Committee to Discuss Challenges Facing Emerging Fund Managers and Small Public Companies
On 30 January 2025, the United States Securities and Exchange Commission (US SEC) announced that its Small Business Capital Formation Advisory Committee will convene on 25 February 2025 to discuss capital-raising challenges for emerging fund managers and obstacles faced by small public companies that are not listed on a national securities exchange. The meeting agenda, titled “Meeting of SEC Small Business Capital Formation Advisory Committee,” outlines topics for discussion, including insights from industry experts and potential policy recommendations to address these issues. The public can view the live proceedings via webcast on the US SEC official website. The Small Business Capital Formation Advisory Committee was established to advise the US SEC on policy matters affecting small businesses, including capital-raising regulations, public market accessibility, and the challenges faced by smaller financial players. The 2025 meeting follows the committee’s previous engagements on...
Hong Kong Monetary Authority Responds to US Federal Reserve’s Interest Rate Decision
On 30 January 2025, the Hong Kong Monetary Authority (HKMA) issued a statement following the United States Federal Reserve’s (US Fed) decision to keep the federal funds rate unchanged at 4.25-4.5% after its two-day Federal Open Market Committee (FOMC) meeting. The US Fed’s policy stance aligns with market expectations, though the future trajectory of rate cuts remains uncertain, influenced by US inflation trends, labour market conditions, the effects of prior monetary policy actions, and new economic policies under the recently elected administration. The HKMA confirmed that Hong Kong’s financial and monetary markets have continued to operate smoothly and remain stable. Market liquidity conditions are steady, and the Hong Kong dollar exchange rate remains within its expected range under the Linked Exchange Rate System. The HKMA reiterated that Hong Kong dollar interbank rates generally move in tandem with US dollar rates, though shorter-tenor interbank rates are also affected by...
UK FCA Confiscates Over £500,000 from Convicted Insider Dealer in Landmark Enforcement Action
On 3 February 2025, the United Kingdom Financial Conduct Authority (UK FCA) announced that it had secured a confiscation order of £586,711.01 against Mohammed Zina, a convicted insider dealer. The confiscation order was issued on 29 January 2025, requiring Zina to pay the full amount within three months. Failure to do so will result in an additional five-year prison sentence, after which he will remain liable to repay the amount in full, with interest. The confiscation order represents all of Zina’s available assets and is part of the UK FCA’s continued efforts to ensure that individuals convicted of financial crimes do not benefit from illicit gains. The case stems from Zina’s time as an analyst at Goldman Sachs International (Goldman Sachs) between 2014 and 2017. In 2016, he joined the firm’s Conflicts Resolutions Group, which gave him access to confidential, market-sensitive information regarding mergers and acquisitions that Goldman Sachs was advising on. Between 15 July 2016 and...
UK FCA Proposes Reforms for Corporate Bond Issuance and Investment Opportunities
On 31 January 2025, the United Kingdom Financial Conduct Authority (UK FCA) published a consultation setting out further proposals to support corporate bond issuance, streamline capital-raising processes, and enhance investment opportunities for wealth managers and retail investors. The proposals, outlined in CP25/2: Consultation on further changes to the public offers and admissions to trading regime and the UK Listing Rules and CP25/3: Consultation on further proposals for firms operating public offer platforms, aim to make it easier and more cost-effective for companies to raise capital through smaller bond issuances and establish clearer requirements for public offer platforms. The UK FCA’s proposals include a single standard for corporate bond prospectuses, covering both large and small bond sizes, to simplify regulatory requirements and lower costs for businesses issuing bonds. This reform is expected to broaden investment opportunities by encouraging listed companies to offer...
Latvia’s Financial Services Sector Moves Towards Innovation, Connectivity, and Resilience
On 28 January 2025, Latvia’s central bank, Latvijas Banka, published an update outlining its vision for the future of financial services in the country. The update, authored by Marine Krasovska, Head of Financial Technology Supervision Department at Latvijas Banka, discusses an ambitious strategy focusing on digital innovation, enhanced regulatory frameworks, cybersecurity resilience, and the integration of traditional and emerging financial services. The update sets forth policy directions that apply to banks, fintech firms, payment service providers, and crowdfunding platforms. The next phase of transformation is expected to leverage European Digital Strategy initiatives, fostering a collaborative framework between fintech firms, traditional banks, and new financial service providers. The future of financial services in Latvia will be shaped by new regulatory obligations under European and domestic legislation. The implementation of the EU AI Act and the EU Digital Operational...
US SEC Appoints Natalia Díez Riggin as Senior Advisor and Acting Director of Legislative and Intergovernmental Affairs
On 30 January 2025, the United States Securities and Exchange Commission (US SEC) Acting Chairman Mark T. Uyeda appointed Natalia Díez Riggin as Senior Advisor and Acting Director of the Office of Legislative and Intergovernmental Affairs. The Office of Legislative and Intergovernmental Affairs plays a role in the US SEC’s interactions with Congress, other government agencies, and stakeholders involved in securities regulation. The office ensures that legislative initiatives align with the agency’s objectives and that policymakers remain informed about the regulatory landscape. Ms. Riggin brings experience in financial and economic policy, having worked with legislative figures in the US Senate. Before joining the US SEC, she served as a Senior Professional Staff Member on the United States Committee on Banking, Housing, and Urban Affairs under Chairman Tim Scott of South Carolina. In this role, she was involved in legislative oversight of financial markets, banking policy, and...
US SEC Approves NYSE Arca’s Rule Change for Listing and Trading of Bitwise Bitcoin and Ethereum ETF
On 30 January 2025, the United States Securities and Exchange Commission (US SEC) granted accelerated approval to a proposed rule change filed by NYSE Arca, Inc. This approval permits the exchange to list and trade shares of the Bitwise Bitcoin and Ethereum ETF under NYSE Arca Rule 8.201-E, which governs Commodity-Based Trust Shares. The decision follows an Amendment No. 1 to the original proposal, ensuring compliance with US securities regulations and aligning with previous approvals of similar exchange-traded products (ETPs). The order, published as Release No. 34-102310, outlines the regulatory framework under which NYSE Arca will list and trade shares of the Bitwise Bitcoin and Ethereum ETF (Trust). The ETF will hold both spot bitcoin and spot ether, with asset allocation based on the relative market capitalisation of both cryptocurrencies. The Bitwise Bitcoin and Ethereum ETF’s objective is to provide investors with exposure to bitcoin and ether’s market value while managing...
US Court Orders Over $451 Million Penalty in Global Binary Options Fraud Case
On 29 January 2025, the United States District Court for the Northern District of Illinois issued a default judgment against multiple offshore entities and individuals for their involvement in a large-scale global binary options fraud. The ruling, following a United States Commodity Futures Trading Commission (US CFTC) complaint, found Yukom Communications Ltd., Linkopia Mauritius Ltd., Wirestech Limited (BigOption), WSB Investments Ltd. (BinaryBook), and Zolarex Ltd. (BinaryOnline), along with Israeli nationals Yossi Herzog, Lee Elbaz, and Shalom Peretz, liable for defrauding investors and violating the United States Commodity Exchange Act (US CEA). The court’s order imposed $112.9 million in restitution and $338.7 million in civil monetary penalties, bringing the total financial liability to over $451 million. The defendants were also permanently enjoined from engaging in any activities violating the US CEA and were banned from trading in any US CFTC-regulated markets. The order...
Singapore MAS Published Monetary Policy Statement – January 2025
On 24 January 2025, the Monetary Authority of Singapore (MAS) announced a slight reduction in the slope of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, as part of its MAS Monetary Policy Statement - January 2025. The decision was taken in response to slowing economic momentum and a sharper-than-expected moderation in core inflation. The adjustment aims to ensure medium-term price stability while supporting economic conditions amid evolving global trade dynamics and financial tightening. MAS stated that the Singapore economy grew at a slower pace in the fourth quarter of 2024, following a stronger-than-expected expansion in the previous quarter. Economic growth is projected to moderate further in 2025 due to shifts in global trade policies and external uncertainties. Inflationary pressures have eased, with MAS Core Inflation stepping down to 1.9% year-on-year in the fourth quarter of 2024, lower than the earlier estimate. The revised outlook for 2025 now...
UK FCA Issues First Fine for MiFIR Transaction Reporting Failures Against Infinox Capital Limited
On 29 January 2025, the United Kingdom Financial Conduct Authority (UK FCA) imposed a fine of £99,200 on Infinox Capital Limited for allegedly failing to submit 46,053 transaction reports under the European Union Markets in Financial Instruments Regulation (MiFIR). This is the first enforcement action taken by the UK FCA for an alleged breach of MiFIR’s transaction reporting requirements. The fine follows an investigation into Infinox’s transaction reporting systems, which the UK FCA found to be lacking in controls necessary to ensure compliance. The Final Notice 2025: Infinox issued by the UK FCA states that between 1 October 2022 and 31 March 2023, Infinox allegedly failed to submit transaction reports for single-stock contracts for difference (CFDs) executed through one of its corporate brokerage accounts. This account represented a large part of Infinox’s business, and the alleged failure to report these transactions meant that market activity in this area was not fully recorded....
US SEC and US CFTC Extend Compliance Date for Form PF Amendments
On 29 January 2025, the United States Securities and Exchange Commission (US SEC) and the United States Commodity Futures Trading Commission (US CFTC) announced an extension of the compliance date for amendments to US Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers. The compliance deadline, initially set for 12 March 2025, has now been moved to 12 June 2025. The decision follows concerns raised by industry participants regarding the administrative and technological challenges associated with the original timeline. The US Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers is a confidential reporting form used by certain US SEC-registered investment advisers, including those also registered with the US CFTC as commodity pool operators (CPOs) or commodity trading advisers (CTAs). The form requires private fund advisers to provide data on their operations, financial condition, and risk exposure. These amendments, originally adopted...
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