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On 22 October 2024, the U.S. Commodity Futures Trading Commission (US CFTC) announced that it will conduct an open meeting on 29 October 2024, from 10:00 a.m. to 4:30 p.m. EDT at its Washington, D.C. headquarters, located at Three Lafayette Centre, 1155 21st Street N.W. This meeting will provide an opportunity for the public to attend in person or virtually through a live stream on the US CFTC website or its YouTube channel. During the session, US CFTC will discuss important regulatory matters, including final rules related to operational resilience for futures commission merchants, swap dealers, and major swap participants. The agenda also includes the investment of customer funds by futures commission merchants and derivatives clearing organisations, the development of recovery and orderly wind-down plans for derivatives clearing organisations, and updates on the Commission’s Fall 2024 Unified Agenda. The meeting will cover compensation structures for US CFTC executives and...

On 22 October 2024, the United Kingdom’s Financial Conduct Authority (UK FCA "the Authority") imposed restrictions on Business Agent Limited, preventing the firm from conducting any regulated activities. These actions are based on the concerns over the firm's handling of client funds and non-compliance with regulatory standards, particularly in relation to its Nextcrowd platform. The restrictions are imposed after the Second Supervisory Notice issued on 10 September 2024 deals with serious failings in the firm's management of client money, violations of UK ISA regulations, and due diligence, prompting the UK FCA to intervene to protect consumers and maintain financial market integrity. This notice was the result of ongoing regulatory concerns and followed an earlier First Supervisory Notice issued on 22 July 2024. The UK FCA's review of Business Agent Limited revealed several significant failings in its operations, prompting the imposition of strict requirements to protect consumers....

On 18 October 2024, Val Smith, Head of Payments and Digital Assets at the UK’s Financial Conduct Authority (UK FCA), published a blog discussing the UK FCA’s approach to registering crypto firms and the importance of maintaining high standards under the Money Laundering Regulations. Smith addressed concerns that the UK FCA’s rigorous registration process could be stifling innovation, while also reinforcing the need to protect consumers and ensure the integrity of financial markets. In her blog, Val Smith began by acknowledging criticisms that the UK FCA’s standards for crypto firms may be perceived as overly strict. However, she stated that the UK FCA's commitment to tackling financial crime is paramount. Allowing firms with lax controls could pave the way for money laundering, terrorism financing, and other illicit activities. She made it clear that the UK FCA never rejects applications without due consideration, but remains firm in its dedication to protecting the financial system...

On 18 October 2024, the Hong Kong Securities and Futures Commission (HK SFC) and The Stock Exchange of Hong Kong Limited (HKEX), a subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), announced the introduction of an Enhanced Timeframe for the New Listing application process aimed to strengthen and improve the clarity, transparency, and efficiency of the application process for prospective issuers. Over recent years, the HK SFC and the Exchange have made progress in enhancing the New Listing application process by offering greater transparency. Since 2023, additional vetting statistics have been published, and all relevant guidance has been consolidated into a Guide for New Listing Applicants to streamline the application process and ensure quality listings on the Hong Kong Exchange, while upholding public interest. The Enhanced Application Timeframe now provides a more defined schedule for regulatory review of New Listing applications submitted by applicants and their...

On 18 October 2024, Edward Robinson, Deputy Managing Director (Economic Policy) and Chief Economist at the Monetary Authority of Singapore (MAS), delivered a speech at the 2024 Beijing Financial Street Forum, focusing on the theme of "Improving Modern Central Bank Systems, Enhancing Macro-Governance." His remarks addressed the evolving challenges and opportunities that Asia’s economies face in managing external shocks, particularly in relation to global capital flows. Robinson began by reflecting on the shifting dynamics in the global economy, especially following recent negative shocks such as the Covid-19 pandemic, supply chain disruptions, and interest rate hikes in advanced economies. He pointed out that Asia now faces the prospect of easing interest rates, particularly in the U.S. and Europe, which could boost local economies and potentially open up policy space for central banks across Asia to loosen monetary policies if necessary. He warned that opportunities come with risks,...

On 15 October 2024, the Dubai International Financial Centre (DIFC) Courts announced the launch of a new suite of advanced digital services at GITEX Global 2024, including the Digital Assets Will. This service allows individuals to distribute their digital assets via a non-custodial wallet, built on Hedera Distributed Ledger Technology (DLT), providing enhanced security and control. The Digital Assets Will enables individuals to include their digital assets such as Ethereum Classic (ETH), Bitcoin (BTC), Matic, USD Coin (USDC), Tether (USDT), Hedera (HBAR), and Hedera Token Service (HTS) within a non-custodial DIFC Courts wallet. Users retain full control over their assets during their lifetime, allowing them to allocate and transfer digital assets as desired, with the assets distributed as ‘specific gifts’ upon the Testator’s passing. Future updates to the system will likely include support for NFT standards, such as ERC 721, ERC 1155, Ordinals, and HTS. This new offering complements...

On 16 October 2024, Latvijas Banka announced that it has completed the necessary preparatory work to allow non-bank payment service providers, including licensed payment and electronic money institutions as well as credit unions, to join its Electronic Clearing System (EKS). This system is managed by Latvijas Banka and facilitates the execution of instant payments and other financial transactions across the Single Euro Payments Area (SEPA) and within the European Union and European Economic Area. Previously, direct participation in the EKS was restricted to credit institutions and the Treasury. However, from 17 October 2024, this access will be expanded to include non-bank entities, allowing them to participate directly in the execution of payments and to support innovation in Latvia’s financial sector, promoting modern, user-friendly, and internationally competitive payment services. In his statement, Mārtiņš Kazāks, Governor of Latvijas Banka, stated: "This is an important step...

On 18 October 2024, the Australian Federal Court in its judgment ruled that Harvey Norman Holdings Ltd and Latitude Finance Australia engaged in misleading conduct and made false or deceptive representations in relation to a widely promoted 60-month interest-free and no deposit payment method. The ruling stems from a complaint brought forward by the Australian Securities and Investments Commission (ASIC), which argued that the advertising campaign failed to disclose the full terms and conditions of the promoted payment method, leading to consumer misunderstanding. The advertisements in question were run by Harvey Norman and Latitude between January 2020 and August 2021 across various media outlets, including newspapers, radio, and television. These advertisements promoted an interest-free payment method for consumers purchasing goods from Harvey Norman stores, but ASIC alleged that the ads obscured crucial information. The issue at hand was that consumers were not clearly informed...

On 17 October 2024, the Australian Securities and Investments Commission (ASIC) has continued its significant transformation efforts and announced appointments to its senior executive leadership team. These appointments are said to be the ASIC’s largest organisational redesign in 15 years, which is aimed at enhancing the agency’s regulatory capabilities and improving its operational agility in a rapidly evolving financial landscape. Peter Soros has been appointed as the Executive Director of Regulation and Supervision. Soros, who will begin his role in November, joins ASIC from AUSTRAC, Australia’s financial intelligence and anti-money laundering regulator, where he has served as Deputy CEO for six years and briefly as Acting CEO. With over 20 years of experience in financial intelligence, regulation, and compliance, Soros will bring extensive expertise in overseeing regulatory operations. His role at ASIC will be crucial in shaping and overseeing supervision strategies as the...

On 16 October 2024, the United States Commodity Futures Trading Commission’s Division of Clearing and Risk held a significant roundtable discussion to address existing, new, and emerging issues in the world of clearing, with a strong emphasis on digital assets. Held at the United States CFTC’s headquarters in Washington, D.C., the roundtable brought together industry experts, regulators, and stakeholders to discuss the rapidly evolving landscape of derivatives and financial markets, particularly as it relates to digital assets and the challenges they pose. The session opened with welcoming remarks from Clark Hutchison, Director of the United States CFTC’s Division of Clearing and Risk. Pre-recorded messages from United States CFTC Chairman Rostin Behnam and Commissioners Summer Mersinger and Caroline D. Pham further set the tone for the discussions. Moderated by Gary DeWaal, former Senior Counsel and Chair of the Financial Markets and Regulatory Practice Group at Katten Muchin...

On 16 October 2024, the United States Securities and Exchange Commission filed a complaint against Baris Cabalar, a registered representative at PHX Financial, Inc., for recommending a short-term, high-volume trading strategy to eight retail customers without a reasonable basis for believing that the strategy would be profitable. The SEC alleges that from January 2019 through October 2021, Cabalar violated multiple provisions of United States securities law, including Section 17(a) of the United States Securities Act of 1933, Section 10(b) of the United States Securities Exchange Act of 1934, United States Rule 10b-5, and United States Regulation Best Interest (Reg BI) under United States Exchange Act Rule 15l-1. According to the United States Securities and Exchange Commission’s complaint, filed in the United States District Court for the Eastern District of New York, Cabalar, operating out of PHX Financial’s Hauppauge, New York office, advised customers to engage in frequent,...