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On 10 December 2024, the Australian Securities and Investments Commission (ASIC) published an updated version of its Regulatory Guide 133, titled Funds Management and Custodial Services: Holding Assets. This updated Regulatory Guide 133, provides guidance to asset-holding entities under the Australian financial services (AFS) licensing framework. It outlines clear obligations and minimum standards for the custody and management of client assets, with a particular focus on security, operational integrity, and compliance. The guide also addresses the management of emerging asset classes such as crypto-assets, ensuring that custodial practices evolve alongside financial innovation. ASIC has reissued this regulatory guide to reflect the latest developments and provide updated guidance for asset-holding AFS licensees. The targeted licensees include responsible entities of registered managed investment schemes and licensed providers of custodial services. This latest version of RG 133...

The Cayman Islands Monetary Authority has announced the appointment of Ms. Jessica Ebanks as the Head of the Securities Supervision Division, effective from 1 November 2024. Ms. Ebanks began her career at CIMA in 2013 as an Analyst in the Investments & Securities Supervision Division. In 2017 she became the sole Chief Analyst in the newly established Securities Supervision Division and Instrumental in building the Division from its inception. Ms. Ebanks was promoted to Deputy Head in 2020. Ms. Ebanks holds a Bachelor’s degree in Management and Organisational Studies, specialising in International and Comparative Studies (Globalisation), from the University of Western Ontario. She is a Certified Fraud Examiner and has completed the Canadian Securities Course, Canadian Practices Handbook, and programmes with IOSCO and PIFS-Harvard Law School. She holds an ILM Level 5 qualification in Leadership and Management. CIMA’s Chief Executive Officer, Mrs. Cindy Scotland, OBE, commented: "We...

On 5 December 2024, the United States Commodity Futures Trading Commission announced a legal resolution in its enforcement action against Marcus Todd Brisco, a Hawaii-based operator accused of running fraudulent schemes through two commodity pools. The U.S. District Court for the Southern District of Texas issued a consent order imposing permanent injunctive relief, civil monetary penalties, and restitution obligations on Brisco. Marcus Todd Brisco, operating through Yas Castellum LLC and Yas Castellum Financial LLC, solicited funds from investors under the guise of engaging in leveraged or margined foreign exchange (forex) and gold transactions. These promises proved fraudulent as Brisco failed to direct the funds toward trading activities as pledged. Instead, he misappropriated amounts for personal use and transferred funds to other entities. Between October 2020 and January 2023, his actions caused more than US$1.6 million in losses to pool participants. The United States...

On 6 December 2024, the Hong Kong Government announced the publication of the Hong Kong Stablecoins Bill in the Gazette, aiming to establish a regulatory framework for fiat-referenced stablecoins within its jurisdiction. The Hong Kong Stablecoins Bill, if enacted in its current form, would introduce a licensing regime requiring individuals or entities involved in issuing fiat-referenced stablecoins as part of a business in Hong Kong; issuing stablecoins pegged to the Hong Kong dollar; or marketing stablecoin issuances to the public in Hong Kong, to obtain authorisation from the Hong Kong Monetary Authority (HKMA). The Hong Kong Stablecoins Bill, if enacted in its current form, would grant the HKMA, the powers to supervise, investigate, and enforce compliance within the regulatory framework. The HKMA and the Hong Kong Government have, over the past three years, worked to address the risks and opportunities presented by stablecoins within the broader framework of virtual assets. The...

On 26 November 2024, the Commodity Futures Trading Commission, the regulatory authority overseeing derivatives markets in the United States, announced that its Market Risk Advisory Committee (MRAC) will hold a public meeting on Tuesday, 10 December 2024. The meeting will take place at the US CFTC headquarters in Washington, D.C., from 9:30 a.m. to 12:30 p.m. Eastern Time, with an option for virtual participation. The MRAC meeting will focus on issues within the derivatives and financial markets, central counterparty risk and governance, market structure, climate-related risks, and the impact of emerging technologies. The Central Counterparty Risk & Governance subcommittee will lead discussions on cyber resilience and third-party service providers, while the Market Structure subcommittee will address the cash-futures basis trade. A detailed agenda for the session will be released in the coming days. The meeting is open to the public, who may attend in person or access a live...

On 26 November 2024, the United Kingdom Financial Conduct Authority announced progress in developing a regulatory framework for cryptoassets. This follows insights gathered earlier in the year during a series of roundtable discussions involving over 100 organisations, including crypto exchanges, banks, trading firms, blockchain analytics companies, and other key stakeholders. The discussions also included government representatives, academics, and regulatory authorities such as HM Treasury, the Bank of England, and the United States Securities and Exchange Commission. The roundtables addressed key aspects of the proposed regulatory framework, focusing on admissions and disclosures, market abuse prevention, and trading platform regulations, with the aim of creating a balanced and effective system. The United Kingdom Financial Conduct Authority is working to establish a regime that supports innovation while protecting investors and maintaining market integrity. Feedback from these...

On 21 November 2024, the Australian Securities and Investments Commission released updated regulatory guidance in response to reforms introduced under the Treasury Laws Amendments (Delivering Better Financial Outcomes and Other Measures) Act 2024 (DBFO Act). This guidance is aimed to assist financial advisers and Australian Financial Services (AFS) licensees in complying with new obligations arising from the reforms, which come into effect on 10 January 2025. The updated regulatory guidance includes four updated information sheets and updates to existing regulatory guides, with further guidance expected as the government’s DBFO package continues to roll out. ASIC has published four new information sheets addressing the DBFO Act, which includes INFO 286, INFO 287 i.e. FAQs on Non-Ongoing Fee Arrangements and Consents, this sheet answers frequently asked questions about obtaining written client consent to enter into or renew ongoing fee arrangements. INFO 287 is updated FAQs on...

On 5 December 2024, the Monetary Authority of Singapore and the Association of Banks in Singapore have jointly announced updates to Singapore’s payment landscape. The Monetary Authority of Singapore has released a consultation paper detailing these initiatives and seeking stakeholder feedback. Two new electronic payment solutions—Electronic Deferred Payment and its enhanced version—will be launched by mid-2025 to facilitate the transition to e-payments for businesses and individuals. Furthermore, the cessation deadline for processing corporate cheques has been extended by one year to 31 December 2026. The Electronic Deferred Payment and EDP+ solutions are designed to replace traditional post-dated cheques and cashier’s orders, providing users with seamless digital alternatives through existing digital banking platforms. These solutions replicate the functionality of cheques while offering enhanced security and efficiency. Starting from 1 July 2025, Singapore banks will cease issuing...

On 4 December 2024, the US Commodity Futures Trading Commission (US CFTC) announced the Enforcement action for fiscal year 2024, securing a US $17.1 billion in monetary relief. This includes US $2.6 billion in civil monetary penalties and US $14.5 billion in disgorgement and restitution, largely driven by cases in the digital asset sector. The US CFTC showed its aggressive pursuit of misconduct across traditional markets and digital assets markets, committing to protect market integrity and participants and to ensure the integrity of US markets through vigorous enforcement against misconduct across digital assets, environmental markets, and traditional commodities. The US CFTC in fiscal year 2024 took several digital asset enforcement action. The agency secured a US $12.7 billion judgment against FTX and Alameda Research for fraudulent operations, which is the largest enforcement action in its history. Litigation continues against other defendants, including FTX co-founder Samuel...

On 4 December 2024, the Monetary Authority of Singapore announced the renewal of its partnership with the National University of Singapore, extending the Monetary Authority of Singapore Term Professorship in Economics and Finance for another five years. This initiative was first launched in 2009 and has been expanded to include not just eminent academics but also industry practitioners and emerging academic talents. The National University of Singapore is Singapore’s leading global university, known for its multidisciplinary approach to education, research, and entrepreneurship. With over 40,000 students and campuses across the globe, the National University of Singapore focuses on complex academic and financial global challenges, with the aid of scholars and distinguished faculties. The Monetary Authority of Singapore serves as Singapore’s central bank and financial regulator with its focus on sustainable economic growth, financial stability, and promoting Singapore as a leading...