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Hong Kong SFC Hosts High-Level Regulatory Dialogue with Lao Securities Commission and Lao Securities Exchange on Capital Market Strategy

On 20 May 2025, the Securities and Futures Commission of Hong Kong (HK SFC) hosted a senior-level delegation from the Lao People’s Democratic Republic in Hong Kong for a comprehensive exchange on capital market development and supervisory best practices and to foster regulatory connectivity between Hong Kong and emerging Southeast Asian markets. The Laotian delegation was led by Mrs. Phengsy Phengmuong, Secretary-General of the Lao Securities Commission Office (LSCO), and Mr. Siosavath Thirakul, Chief Executive Officer of the Lao Securities Exchange (LSX). They were received by the HK SFC’s Chief Executive Officer, Ms. Julia Leung, and other senior executives. The engagement involved detailed technical sharing sessions that elaborating the HK SFC’s regulatory architecture, including its strategic priorities, market supervision practices, sustainable finance initiatives, and investor education programmes. Both parties discussed their respective market structures and future capital...

Hong Kong SFC and Abu Dhabi’s ADGM FSRA Sign MoU to Strengthen Cross-Border Supervision of Investment Managers and Collective Investment Schemes

On 15 May 2025, the Securities and Futures Commission of Hong Kong (HK SFC) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) executed a Memorandum of Understanding (MoU) to formalise regulatory cooperation concerning the supervision of cross-border investment managers and collective investment scheme activity. The agreement was signed on the sidelines of the International Organization of Securities Commissions (IOSCO) Annual General Meeting, held in Doha, Qatar, and was attended by the HK SFC’s Chief Executive Officer, Ms. Julia Leung, Executive Director of Investment Products, Ms. Christina Choi, and FSRA’s Chief Executive Officer, Mr. Emmanuel Givanakis. The MoU establishes a bilateral regulatory framework for consultation, cooperation, and information exchange in connection with the oversight of licensed entities conducting fund management, investment management, and advisory services across both jurisdictions. By promoting closer...

Hong Kong SFC and Ontario Securities Commission Sign Landmark MoU to Boost Cross-Border Fund Supervision and Investment Management

On 13 May 2025, the Hong Kong Securities and Futures Commission (HK SFC) and the Ontario Securities Commission (OSC) of Canada entered into a Memorandum of Understanding (MoU) to strengthen the supervision of investment managers operating collective investment schemes across both jurisdictions. The agreement was signed on the margins of the IOSCO Annual General Meeting held in Doha, Qatar. The MoU establishes a regulatory framework for enhanced cooperation, facilitating mutual consultation and exchange of supervisory information between the HK SFC and the Canada’s OSC. In a consequential follow-up, the SFC has now formally included Ontario, Canada, in its list of Acceptable Inspection Regimes, thereby enabling Canada’s OSC-licensed fund managers to manage HK SFC-authorised funds under Hong Kong’s regulatory framework. This bilateral arrangement further anchors the HK SFC’s ongoing international strategy to promote resilient capital market linkages amid a rapidly evolving global...

US SEC Extends Review Period for Cboe Exchange Proposal to List Options on VanEck Bitcoin Trust

On 14 May 2025, the United States Securities and Exchange Commission (US SEC) published a notice designating an extension of time to evaluate proposal submitted by Cboe Exchange, Inc. to amend its rules and allow for the listing and trading of options on the VanEck Bitcoin Trust. The proposed rule change, File No. SR-CBOE-2025-017—is now under a longer review period, with a new deadline set for 02 July 2025. The rule change, initially filed on 14 March 2025, seeks to amend Cboe Rules 4.3, 4.20, and 8.30. It has since undergone several revisions, with Amendment No. 4, filed on 01 May 2025, now forming the operative text of the proposal. The amendment replaces all prior submissions and reflects substantive updates to the Exchange’s regulatory framework necessary to support derivatives on crypto-linked products. Under Section 19(b)(2) of the United States Securities Exchange Act of 1934, the Commission typically has 45 days from the date of notice publication to approve, disapprove, or...

United States CFTC Commissioner Summer K. Mersinger Announces Departure After Distinguished Tenure

On 14 May 2025, United States Commodity Futures Trading Commission (US CFTC) Commissioner Summer K. Mersinger issued a statement announcing her decision to step down from her role at the end of the month after her five-year tenure. US CFTC Commissioner Mersinger, known for her leadership of the Energy and Environmental Markets Advisory Committee (EEMAC), expressed deep gratitude to her team and colleagues, showing the dedication of agency staff and the critical importance of principled, public-focused regulation. She credited her journey in public service to her upbringing in Onida, South Dakota, where, raised by working-class parents without college degrees, she learned the value of resilience, gratitude, and perseverance. Reflecting on her formative experiences and ascent through public service, beginning with a role answering phones for Senator John Thune, she thanked mentors, staff, and institutional partners for their support and camaraderie. She made particular mention of her...

US CFTC’s Energy and Environmental Markets Advisory Committee to Review Reports on Energy Transition and Infrastructure on 28 May 2025

On 13 May 2025, the United States Commodity Futures Trading Commission (US CFTC) published a public event to convene a virtual public meeting of the Energy and Environmental Markets Advisory Committee (EEMAC) from 12:00 p.m. to 1:00 p.m. EDT on 28 May 2025. According to the publication, the EEMAC will first review and vote on the report prepared and approved by the Role of Metals Markets in Transitional Energy Subcommittee, which explores how metals markets are evolving in the context of energy transition. Following this, the Committee will receive a presentation on the Physical Energy Infrastructure Subcommittee’s findings. Both reports are expected to shape regulatory discourse on commodity markets' interaction with energy pricing, infrastructure constraints, and sustainability initiatives. The meeting is open to the public through livestream on CFTC.gov and the US CFTC’s official YouTube channel. Attendees can also join by dialling into dedicated domestic or international...

US SEC Chairman Paul S. Atkins Signals Regulatory Reset for Tokenised Securities at Crypto Task Force Roundtable

On 12 May 2025, at the United States Securities and Exchange Commission (US SEC) Headquarters, Washington D.C., Chairman Paul S. Atkins delivered keynote address at the “Tokenisation – Where TradFi and DeFi Meet” Crypto Taskforce roundtable. The speech gives a direction for developing bespoke regulatory regimes for on-chain securities, and to move away from ad hoc enforcement and toward rule-based clarity. Chairman Atkins delivered his keynote in the context of growing interest in tokenised securities and blockchain-based capital markets infrastructure. Drawing an analogy to the evolution of digital audio, Atkins portrayed tokenisation as a technological leap similar to that which transformed the music industry, arguing that the transition to on-chain securities is inevitable and must be met with a fit-for-purpose legal regime. He reaffirmed the US SEC’s commitment to innovation, clarity, and competitiveness in support of President Trump’s vision to make the United States the “crypto...

Tokenisation Takes Centre Stage: US SEC Commissioner Hester Peirce Champions Regulatory Clarity for Tokenised Smart Assets at US SEC Crypto Roundtable on Tokenisation

On 12 May 2025, the U.S. Securities and Exchange Commission (US SEC) hosted its fourth Crypto Task Force Roundtable in Washington, D.C., where Commissioner Hester M. Peirce delivered speech on the transformative potential of tokenisation. Her address, titled “Getting Smart – Tokenisation and the Creation of Networks for Smart Assets,” outlined the opportunities and regulatory challenges of integrating traditional financial assets into blockchain-based networks. Commissioner Peirce’s discussed the revolutionary potential of tokenisation, which involves formatting traditional securities, such as stocks and bonds, as crypto assets on blockchain networks. She links tokenisation to the internet’s impact on communication, showing how crypto networks enhance the efficiency, accessibility, and functionality of financial assets through smart contracts. These self-executing programs automate processes like dividend payments and enable seamless integration with decentralised finance (DeFi)...

Tokenisation: A Field of Dreams or Regulatory Misstep? US SEC’s Caroline Crenshaw Cautions Against Hasty Blockchain Integration in Securities Markets at Tokenisation Roundtable

On 12 May 2025, US SEC Commissioner Caroline A. Crenshaw delivered a speech at the United States Crypto Task Force Roundtable on Tokenisation in Washington, D.C. Titled “Tokenisation: Our Field of Dreams?,” her remarks critically examined the enthusiasm surrounding blockchain-based tokenisation of securities, drawing parallels with the film Field of Dreams to question whether building a tokenised financial system will deliver promised benefits. Commissioner Crenshaw’s speech casts a cautious eye on the push to integrate tokenisation into the securities markets, questioning its definition, technological feasibility, and regulatory implications. She highlights ambiguities around whether tokenisation involves issuing securities directly on a blockchain or creating digital representations, and whether it encompasses the entire securities lifecycle. Crenshaw challenges the assumption that tokenisation will enhance market efficiency, particularly through instant settlement, arguing that...

US SEC’s Mark Uyeda Calls for Regulatory Clarity on Real-World Asset Tokenisation: “We Cannot Regulate Innovation in the Dark”

On 12 May 2025, US SEC Commissioner Mark T. Uyeda delivered a speech at the United States Crypto Task Force Roundtable in Washington, D.C., titled “Tokenisation of Real-World Assets.” Addressing panelists and attendees, Uyeda discussed the transformative potential of blockchain technology in reshaping financial markets while advocating for a transparent and predictable regulatory framework. Commissioner Uyeda’s speech held the significance of tokenisation, the process of representing real-world assets like real estate and intellectual property as digital tokens on blockchain networks. He views tokenisation as a technological evolution with the potential to enhance liquidity, streamline compliance, and reduce transactional costs in financial markets. Uyeda stresses the need for regulatory transparency, criticising past ambiguities that left market participants uncertain about compliance. Through the United States Crypto Task Force, led by US SEC Commissioner Hester Peirce, he...

US SEC’s Settlement with Ripple Sparks Internal Dissent: Commissioner Crenshaw Warns of “Regulatory Collapse” in Crypto Enforcement

On 8 May 2025, United States Securities and Exchange Commission (US SEC) published a strongly worded statement of dissent by Commissioner Caroline A. Crenshaw criticised the US SEC’s recent settlement with Ripple Labs, Inc., warning that the agreement not only undermines judicial authority but also signals a strategic rollback of the agency’s crypto enforcement programme. The US SEC had previously secured a court ruling in 2024 that found Ripple’s institutional XRP sales violated Section 5 of the United States Securities Act of 1933, resulting in a civil penalty of over USD 125 million and a permanent injunction. However, under the new terms, Ripple will recover USD 75 million held in escrow and the injunction has been vacated, despite the absence of new statutory guidance or compliance undertakings. Commissioner Crenshaw described the settlement as a “tremendous disservice to the investing public,” warning that the US SEC’s decision to stand down enforcement despite a favourable...

UK FCA and China Advance Bilateral Financial Regulation: New MoU, Wealth Connect, and Green Finance Alignment Announced at London Dialogue

On 8 May 2025, during the Caixin Media’s London Atlantic Dialogue, the United Kingdom Financial Conduct Authority (UK FCA) and the People’s Republic of China took a significant step towards regulatory convergence by unveiling a new legal architecture for cross-border financial cooperation. In a speech delivered by UK FCA Chair Ashley Alder, both jurisdictions signalled their strategic intent to strengthen bilateral ties through a forthcoming Memorandum of Understanding with China’s National Financial Regulatory Administration, the development of a China-UK Wealth Connect platform, and coordinated action on green finance disclosures aligned with the International Sustainability Standards Board (ISSB). Set against the backdrop of increasing global regulatory fragmentation and demographic-driven pension reform, it is a decisive pivot towards legally structured, trust-based financial integration between two of the world’s most systemically important economies. Legal Instruments and...

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