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On 5 September 2025, the United States Securities and Exchange Commission (US SEC) announced the creation of a Cross-Border Task Force within its Division of Enforcement. The task force is established to enhance the SEC’s ability to investigate and prevent fraudulent conduct by foreign-based companies targeting U.S. investors. The US SEC Crypto task force will prioritise investigations into potential violations of U.S. federal securities laws involving overseas issuers, including market manipulation practices such as “pump-and-dump” and “ramp-and-dump” schemes. It will also focus on gatekeepers, particularly auditors and underwriters, that facilitate these companies’ access to U.S. capital markets. The initiative further highlights regulatory concerns around entities from jurisdictions such as China, where state involvement and systemic risks present distinct investor protection challenges. By consolidating investigative resources, the US SEC will deploy all available enforcement tools to safeguard U.S. markets from cross-border fraud.

On 4 September 2025, the Australian Securities and Investments Commission (ASIC) signed a Memorandum of Understanding (MoU) with the International Financial Services Centres Authority (IFSCA) of India in Sydney. The MoU was executed by ASIC Chair Joe Longo and IFSCA Chair Shri K Rajaraman, in the presence of senior Indian and Australian officials. The arrangement aims to deepen cooperation between the two jurisdictions in areas such as information sharing, regulatory compliance, market supervision, and the adoption of technology in financial markets. ASIC and IFSCA highlighted that the MoU represents a mutual commitment to collaboration, built on shared values of trust, transparency, and innovation. The partnership is expected to strengthen financial market resilience, support supervisory coordination, and enhance regulatory frameworks in both Australia and India. This development positions Australia as a proactive regional hub in cross-border regulatory alignment at a time of accelerating globalisation and digital transformation.

On 4 September 2025, the Hong Kong Securities and Futures Commission (HK SFC) announced as it suspended the licence of Mr Chow Tsz Lam, a former responsible officer (RO) and Manager-in-Charge (MIC) of Agg. Asset Management Limited (Agg), for 12 months under section 194 of the Securities and Futures Ordinance (HK SFO). The suspension runs from 2 September 2025 to 1 September 2026. The disciplinary decision followed findings that Agg, as investment manager of a Cayman-incorporated fund, invested between 88.83% and 100% of the fund’s assets in debentures issued by companies wholly owned by Mr Ng Ka Shun, Agg’s sole shareholder, director, and other RO. These investments created unmanaged conflicts of interest, exposed investors to material risks, and inflated the net asset value (NAV) through questionable structures. The HK SFC determined that Chow, as RO and MIC, failed to safeguard investor interests, ensure proper risk controls, and prevent NAV inflation despite being fully aware of the debenture transactions.

On 9 September 2025, the Hong Kong Securities and Futures Commission (SFC) and the Asian Development Bank Institute (ADBI) co-hosted a roundtable during Hong Kong Green Week to advance sustainable finance in Asia-Pacific markets. Senior officials from twelve jurisdictions participated in the Asia Climate Finance Dialogue Project, reflecting growing regional cooperation on green bonds, blue bonds, and ESG-linked funds. The dialogue brought together representatives from the Asian Development Bank, ADBI, and private sector experts to discuss frameworks for transition finance, climate disclosures, and thematic investment mechanisms. The initiative forms part of ongoing cross-border policy work to scale up sustainable-related thematic instruments and mobilise capital for the low-carbon transition. The session represents the fifth roundtable under the Asian Climate Finance Dialogue Project, signalling momentum in regulatory collaboration across Asia.

On 8 September 2025, the Hong Kong Securities and Futures Commission (SFC) announced disciplinary action against Instinet Pacific Limited (Instinet) for persistent failures to report cross trades to The Stock Exchange of Hong Kong Limited (SEHK). The regulator imposed a public reprimand and a fine of HK$8 million under section 194 of the Hong Kong Securities and Futures Ordinance (HK SFO). The HK SFC investigation revealed that between December 2012 and March 2018, Instinet failed to report 8,817 pairs of cross trades worth approximately HK$25.9 billion. The trades were executed between clients and an affiliated company but not disclosed to the SEHK as required. The HK SFC found that Instinet had no internal policies or procedures to ensure compliance with reporting obligations and conducted no review of its reporting process during the period.

On 5 September 2025, the High Court of Australia granted the Australian Securities and Investments Commission (ASIC) special leave to appeal a Full Federal Court decision in the Block Earner case. The lower court had ruled that Block Earner, a digital asset service provider, did not require an Australian Financial Services Licence (AFSL) to offer its fixed-yield crypto product. ASIC is seeking clarification on the scope of the statutory definition of a financial product, particularly where interest-bearing arrangements and asset-conversion products are involved. The outcome of this appeal will affect not only digital asset offerings but also the broader financial services regime in Australia, as the definition of financial product is drafted to be both broad and technology-neutral. The appeal, conditional upon ASIC covering Block Earner’s costs, is expected to set a critical precedent for crypto and traditional finance alike.

On 5 September 2025, the United States Securities and Exchange Commission (US SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint statement committing to harmonization of regulatory frameworks. The agencies announced a public roundtable to be held on 29 September 2025 at the US SEC headquarters in Washington, D.C. The statement, delivered by US SEC Chairman Paul S. Atkins and US CFTC Acting Chairman Caroline D. Pham, highlighted a shared vision to align oversight of financial markets, streamline reporting standards, and coordinate innovation exemptions. The agencies emphasised that this step builds on their recent joint staff statement on spot crypto asset products and reflects a broader effort to reduce regulatory fragmentation. The roundtable will address priorities including capital frameworks, data reporting, and venue definitions, and will be webcast live for public access. This marks a significant milestone in cross-agency cooperation aimed at enhancing market efficiency and investor protection.

On 02 September 2025, the United States Commodity Futures Trading Commission (US CFTC) issued CFTC Letter No. 25-28, granting no-action relief to QCX LLC, a designated contract market, and QC Clearing LLC, a registered derivatives clearing organization. The US CFTC’s Division of Market Oversight and Division of Clearing and Risk confirmed that staff will not recommend enforcement actions for failure to comply with certain swap reporting and recordkeeping obligations in respect of fully collateralised binary option contracts and variable payout contracts executed under QCX rules. The relief applies under specific conditions and mirrors earlier no-action positions granted to other similarly situated market operators.

On 3 September 2025, the United States Securities and Exchange Commission (US SEC) issued an order instituting public administrative proceedings against Agri-Fintech Holdings, Inc. The Nevada corporation, formerly known as Tingo, Inc., has failed to meet its reporting obligations under the Securities Exchange Act of 1934. The US SEC alleges that Agri-Fintech has not filed any periodic reports since June 2023, leaving investors without current and accurate financial disclosures. The proceeding, brought under Section 12(j) of the Exchange Act, will determine whether the registration of the company’s securities should be suspended or revoked. Investors and market participants should note that failure to comply with periodic reporting requirements is grounds for deregistration, cutting off access to US public markets.