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On 25 November 2024, the United States Securities and Exchange Commission announced the extension of the review period for a proposed rule change submitted by the New York Stock Exchange (NYSE). The proposal seeks to amend Section 802.01C of the NYSE Listed Company Manual, which governs price criteria for capital or common stock, to impose new restrictions on reverse stock splits in specific situations. The NYSE's proposed amendment, initially filed on 30 September 2024 under Section 19(b)(1) of the United States Securities Exchange Act of 1934, aims to address two issues. First, companies that fall below the prescribed price criteria and use reverse stock splits to regain compliance would lose eligibility for a compliance period in certain cases. Second, companies would be prohibited from implementing reverse stock splits if doing so would cause them to fall below the continued listing requirements. This proposal was published for public comment in the Federal Register on 17 October...

On 25 November 2024, Christian Bock, Consumer Protection Officer of the German Federal Financial Supervisory Authority (BaFin), issued a strong call to action for customers holding premium savings contracts. Christian Bock explained the urgent need for customers to assert their claims for interest recalculations before the year-end to avoid potential statute-bar limitations, while also shedding light on BaFin’s decision to appeal a ruling by the Frankfurt Administrative Court overturning a general order on interest adjustment clauses. Premium savings contracts, popular around the turn of the millennium, have been at the centre of legal disputes regarding improper interest calculations by banks and savings institutions. Many customers with such contracts may still claim overdue interest payments, but the deadline for such claims in some cases may expire in just a few weeks. Christian Bock urged affected customers to contact their banks or savings institutions immediately to have their...

On 16 October 2024, Germany's Federal Financial Supervisory Authority (BaFin) published a report examining the growing influence of financial influencers—or "finfluencers"—on investment decisions among adults aged 18 to 45. The study sheds light on how younger generations increasingly rely on social media for financial advice, particularly in relation to crypto assets and equities, and explores the associated risks and trends. The study, conducted in May 2024, surveyed 1,000 individuals aged 18–45 who had invested in the past two years. It revealed that social media platforms like YouTube and Instagram are now major sources of financial information, with more than half of respondents viewing them as reliable. Interestingly, 60 per cent considered social media a viable alternative to traditional financial advice. Those who use social media to research investments were found to diversify their portfolios more, with a marked preference for equities and crypto assets, in comparison to...

On 22 November 2024, the United States Securities and Exchange Commission announced the enforcement statistics for fiscal year 2024, providing a report on financial remedies and ongoing efforts to promote compliance and investor protection. Despite a decline in the total number of enforcement actions, the United States SEC boasts its ability to secure outcomes, including its highest-ever monetary remedies and landmark judgments in high-profile cases. The United States SEC’s primary mandate is to enforce federal securities laws to ensure market integrity, protect investors, and hold violators accountable. Each year, the agency reports on its enforcement activities, reflecting its response to emerging market risks, compliance trends, and the evolving landscape of securities regulation. Fiscal year 2024 saw a shift toward encouraging proactive compliance among market participants, addressing technological challenges, and targeting major fraud schemes. In fiscal year 2024, the United...

On 22 November 2024, the United States Securities and Exchange Commission received proposals i.e. proposal 1, proposal 2 and proposal 3 from Miami International Securities Exchange LLC and its affiliate, MIAX PEARL LLC, to amend their rules to permit the listing and trading of options on a range of Bitcoin-backed funds. The funds include well-known cryptocurrency financial instruments such as the Grayscale Bitcoin Trust, the Fidelity Wise Origin Bitcoin Fund, and the ARK 21Shares Bitcoin Exchange-Traded Fund (ETF). These filings to aim at integrating Bitcoin-related financial products into the regulated securities market of the United States. The proposals are presented by Miami International Securities Exchange LLC (MIAX) and its affiliate MIAX PEARL LLC, which are recognised self-regulatory organisations under the oversight of the US SEC. As part of their obligations, the exchanges must comply with the United States Securities Exchange Act of 1934 and submit rule changes for US SEC...

On 21 November 2024, the United States Securities and Exchange Commission announced that Gary Gensler, the 33rd Chair of the Commission, will step down from his role on 20 January 2025. Chair Gary Gensler, who began his tenure on 17 April 2021 in the wake of the GameStop market events, has led the agency through a transformative period marked by sweeping reforms to enhance the efficiency, resilience, and integrity of United States capital markets. During his tenure, Chair Gary Gensler spearheaded several rulemaking agenda, bringing updates to both the US $28 trillion Treasury market and the US $55 trillion equity market. These included implementing central clearing in Treasury markets, narrowing exemptions for broker-dealers, and shortening the equity market settlement cycle to one day. The reforms also introduced measures to enhance transparency in broker execution quality, benefitting investors with lower costs and improved market efficiency. Under Chair Gary Gensler’s leadership,...

On 21 November 2024, the United States Commodity Futures Trading Commission’s Global Markets Advisory Committee, chaired by Commissioner Caroline D. Pham, has advanced a recommendation to enable the use of distributed ledger technology for non-cash collateral in derivatives markets. The recommendation aims to improve efficiency and reduce risks associated with using non-cash assets as collateral, such as government bonds and other high-quality securities. The recommendation is the fourteenth advanced by the Global Markets Advisory Committee to the United States Commodity Futures Trading Commission in the past year, marking a record for any advisory committee within the same timeframe. The Global Markets Advisory Committee advises the United States Commodity Futures Trading Commission on maintaining the integrity and competitiveness of U.S. markets in a globally interconnected environment. Established in 1998, GMAC addresses regulatory challenges and provides recommendations on...

On November 20, 2024, the United States Securities and Exchange Commission filed a complaint in the United States District Court for the Eastern District of New York demanding jury trial against Cyril Sebastien Dominique Cabanes. The complaint alleges that Cabanes, while serving as a director of Azure Power, participated in a bribery scheme involving payments exceeding USD 250 million to Indian state officials. The alleged scheme aimed to secure contracts necessary for large-scale renewable energy projects. The complaint also claims that Cabanes violated the anti-bribery provisions of the United States Foreign Corrupt Practices Act. Cyril Sebastien Dominique Cabanes, a French national residing in Singapore, was a director of Azure Power and represented the interests of its largest shareholder, the Canadian pension fund Caisse de dépôt et placement du Québec. In December 2019, the Solar Energy Corporation of India awarded contracts for the Manufacturing Linked Projects to Azure Power...

On November 20, 2024, the United States Securities and Exchange Commission filed a complaint in the United States District Court for the Eastern District of New York against Gautam Adani and Sagar Adani. The complaint alleges that the defendants engaged in a large-scale bribery scheme, amounting to hundreds of millions of United States dollars, to secure contracts for renewable energy projects in India. The complaint further alleges that the defendants misrepresented their adherence to anti-bribery principles in connection with a United States bond offering worth USD 750 million. In 2015, Gautam Adani founded Adani Green Energy Limited as a renewable energy subsidiary of the Adani Group. Sagar Adani, his nephew, was appointed Executive Director in 2018. Over the years, Adani Green Energy Limited positioned itself as a leader in renewable energy development and a proponent of strict anti-bribery and corporate governance standards. In June 2019, the Solar Energy Corporation of India...

On 20 November 2024, the New York Stock Exchange announced the implementation of new rule changes filed with the United States Securities and Exchange Commission on 12 November 2024. These amendments aim to enhance market transparency, simplify regulatory processes, and ensure clarity for all market participants. The revisions replace references to the “Department of Member Regulation” with the broader term “Exchange” across several rules. These include provisions governing tape recording requirements, disciplinary procedures, and eligibility proceedings for members subject to statutory disqualifications. By consolidating regulatory language under the term “Exchange,” the New York Stock Exchange seeks to eliminate outdated terminology and align its rulebook with modern operational standards. The New York Stock Exchange stated that these changes reduce regulatory complexity while maintaining a robust and transparent framework. The removal of redundant provisions and outdated...

On 14 November 2024, the Australian Securities and Investments Commission announced its enforcement priorities for the year 2025. These priorities are designed to tackle financial misconduct, with a strong focus on protecting consumers from harm amidst increasing cost of living pressures and addressing unethical practices that undermine market integrity. The enforcement strategy aims to combat misconduct that exploits superannuation savings, unscrupulous property investment schemes, and predatory lending practices. It includes addressing failures by insurers to act fairly, strengthening investigations into insider trading, and prosecuting unlawful debt management and collection activities. ASIC has also committed to targeting greenwashing and other misleading conduct related to environmental, social, and governance claims, while addressing service failures in the superannuation sector and ensuring that finance providers do not take advantage of vulnerable consumers, particularly in...