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Czech National Bank to Explore Expansion of Investment Portfolio
On 30 January 2025, the Czech National Bank (CNB) held a Bank Board meeting where it reviewed on international reserve management in 2024 and approved a proposal to analyse the potential for investing in additional asset classes. The assessment will consider whether broadening the CNB’s investment portfolio would be beneficial in terms of diversification and return. The initiative was proposed by Governor Aleš Michl, and any future decisions on implementation will depend on the results of the analysis. Until then, no changes will be made to the CNB’s reserve portfolios. The CNB has been diversifying its investments over the past two years, aligning with its reserve management strategy. Expanding investments to additional asset classes is now under consideration to further enhance diversification and improve returns. The Bank Board’s decision to conduct an analysis stems from ongoing efforts to optimise reserve management practices. The Bank Board reviewed international reserve...
Czech National Bank Prepares for Oversight Role Under EU MiCA Regulation
On 06 December 2024, the Czech National Bank (CNB) was designated as the competent authority under the European Union’s Markets in Crypto-Assets Regulation (MiCA), in accordance with the draft Act on the Digitalisation of the Financial Market. The law was approved by the Chamber of Deputies on 6 December 2024 and subsequently forwarded to the Senate on 30 December 2024. The legislation is expected to take effect the day after its promulgation. Until then, the CNB does not hold the authority to process applications or notifications under MiCA Regulation (EU) 2023/1114. The Act on the Digitalisation of the Financial Market is currently under discussion in the Parliament of the Czech Republic and, once in effect, will enable the CNB to receive and process applications and notifications relating to crypto-assets. The CNB’s regulatory scope will extend to various aspects of the crypto-asset market, ensuring compliance with MiCA’s provisions. The transition follows the EU-wide regulatory...
US SEC Commissioner Speech: ‘The Journey Begins’ for Crypto Regulation with Crypto Task Force Initiative
On 04 February 2025, United States Securities and Exchange Commission (US SEC) Commissioner Hester M. Peirce delivered a speech titled The Journey Begins, where she discussed the launch of the US SEC’s Crypto Task Force and its commitment to establishing a structured and transparent framework for the crypto industry. She addressed past regulatory inconsistencies, enforcement-driven oversight, and the need for a clearer regulatory approach that fosters innovation while ensuring investor protection. Peirce compared the past decade of crypto regulation to an unplanned road trip, where the agency lacked clear direction, resulting in legal ambiguity and numerous enforcement actions. She expressed confidence that the newly formed Crypto Task Force would take a more structured path, collaborating with experts across various regulatory bodies to address the challenges posed by digital assets. Her remarks made clear that the objective is to create an environment where innovation can thrive...
US SEC Announces Executive Staff Appointments Under Acting Chairman Mark T. Uyeda
On 04 February 2025, the United States Securities and Exchange Commission (US SEC) announced the executive staff appointments under Acting Chairman Mark T. Uyeda. The newly appointed team will advise the Acting Chairman on matters before the Commission and collaborate closely with US SEC staff to ensure efficient regulatory oversight. Gabriel Eckstein has been appointed as Chief of Staff at the US SEC. Steven Levine has been appointed as Deputy Chief of Staff at the US SEC. Holly Hunter-Ceci, Charles Lee, Jaime Marinaro, and Kelsey Pristach have been appointed as Senior Advisors to the Acting Chairman at the US SEC. Peter Gimbrere has been appointed as Managing Executive at the US SEC. Andrew Vollmer has been appointed as Counselor to the Acting Chairman at the US SEC. Graham Conlan, David Marcinkus, and Richard Gabbert have been appointed as Counsel to the Acting Chairman at the US SEC. Richard Gabbert has also been appointed as Chief of Staff for the Crypto Task Force at the US...
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...
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