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On 19 November 2024, the United Kingdom Financial Conduct Authority published a Research Note ‘A revision of our market cleanliness statistic methodology’ for its Market Cleanliness Statistic. This measure, designed to assess the extent of abnormal price movements prior to major corporate events such as takeover announcements, serves as an indicator of potential insider trading and market manipulation in the United Kingdom’s equity markets. The revision addresses long-standing limitations and aims to enhance the robustness and inclusivity of the statistic, reinforcing the United Kingdom’s Financial Conduct Authority’s commitment to ensuring transparency and fairness in financial markets. The revision was necessitated by three issues in the current methodology. First, the previous approach failed to account for abnormal trading activity on the day of an announcement made during market hours, leading to the potential underestimation of insider trading activity. Second, firms that...

On 15 November 2024, the Monetary Authority of Singapore announced that Singapore will adjust its contributions to the International Monetary Fund to support global efforts aimed at strengthening the institution’s capacity to safeguard international economic and financial stability. This decision follows the International Monetary Fund’s recent review of its resource base and underscores Singapore’s commitment to multilateral cooperation. The International Monetary Fund has concluded a comprehensive review of its resource base, resulting in a restructuring of its funding framework. The institution will increase member countries' permanent quota resources, which are capital subscriptions to the International Monetary Fund. Simultaneously, the reliance on temporary borrowed resources, which were introduced during past financial crises, will be reduced. The increase in quotas will only take effect once members holding at least 85 percent of the total quotas approve their respective...

The United States Commodity Futures Trading Commission announced an update on its official website regarding the speaker for the North American Blockchain Summit, scheduled to take place on 21 November 2024. The announcement states that two of the prominent figures in United States regulatory policy, Commissioner Summer K. Mersinger and Chairman Rostin Behnam of the United States Commodity Futures Trading Commission, will participate in separate fireside chats on 21 November 2024. These events will focus on topics surrounding blockchain innovation and the future of the internet, discussing the United States' commitment to global technology policies. Commissioner Summer K. Mersinger is scheduled to speak at the North American Blockchain Summit, a leading event dedicated to advancements in blockchain technology. Her fireside chat will take place at the George W. Bush Presidential Library in Dallas, Texas, from 10:00 a.m. to 10:30 a.m. Central Standard Time (11:00 a.m. to 11:30 a.m....

On 18 November 2024, the United States Securities and Exchange Commission, under the jurisdiction of United States federal securities laws, initiated cease-and-desist proceedings against BIT Mining Ltd., formerly known as 500.com Limited. The proceedings revealed an alleged bribery scheme perpetrated by the company, involving violations of the United States Foreign Corrupt Practices Act, fraudulent financial practices, and failures in maintaining internal accounting controls. This case exposes misconduct in international business dealings and discusses the consequences of undermining legal and regulatory frameworks. BIT Mining Ltd., previously operating as 500.com Limited, was an online sports lottery service provider incorporated in the Cayman Islands and headquartered in Shenzhen, China. After Chinese regulatory changes in 2015 halted its primary business, the company sought to pivot by entering Japan’s Integrated Resort casino market, which was legalised in 2016. Between 2017 and...

On 15 November 2024, the United States Commodity Futures Trading Commission Division of Clearing and Risk issued an advisory clarifying its position on the clearing of options on spot commodity-based ETFs. The advisory affirms that such ETF shares are likely to be considered securities under the US SEC framework and thus fall outside the US CFTC's jurisdiction. The Options Clearing Corporation (OCC) will continue clearing these options under SEC regulation. The announcement directly impacts the growing ecosystem of ETFs based on cryptocurrencies, such as bitcoin and ethereum, alongside traditional commodity-based ETFs like gold and silver. Beyond its jurisdictional analysis, the advisory clarifies that commodity-based ETFs, including spot crypto ETFs, do not directly engage in commodity interests. Instead, they are structured as securities, providing investors with exposure to the underlying asset's performance. The advisory excludes commodity pool ETFs, which are directly tied to...

On 15 November 2024, the Monetary Authority of Singapore made an update on crisis management exercise, which was conducted by financial regulators from the Asia Pacific region in collaboration with leading global cloud service providers on 6 November 2024. Organised under the Financial Sector Cloud Resilience Forum, established by the Monetary Authority of Singapore, this initiative simulated a severe public cloud incident that disrupted multiple financial sectors across the region. This exercise, the first of its kind in Asia Pacific, aims to strengthen the operational resilience of the financial sector as it becomes increasingly reliant on cloud technology. The event focused on fostering collaboration and deepening understanding between financial regulators and cloud service providers regarding incident response mechanisms. Participants explored how to manage the fallout from a significant public cloud disruption, highlighting the need for effective communication, situational...

On 18 November 2024, the Monetary Authority of Singapore, updated a statement on its official website, made by the Financial Action Task Force, in its October 2024 statement, in which the FATF has called attention to the Democratic People’s Republic of Korea and Iran, which remain on its list of high-risk jurisdictions subject to enhanced countermeasures. These jurisdictions have consistently failed to address deficiencies in their anti-money laundering and combating the financing of terrorism frameworks. Myanmar also continues to be monitored closely for its deficiencies, although it has not yet been subjected to the full range of countermeasures applied to the other high-risk jurisdictions. The Democratic People’s Republic of Korea has been flagged for its continued non-compliance with international standards to combat money laundering, terrorist financing, and proliferation financing. The Financial Action Task Force expressed concern over the Democratic People’s Republic of...

On 14 November 2024, the International Platform on Sustainable Finance, in collaboration with the People’s Bank of China, the European Commission Directorate-General for Financial Stability, Financial Services and Capital Markets Union, and the Monetary Authority of Singapore, unveiled the Multi-Jurisdiction Common Ground Taxonomy (M-CGT). Presented during an event in Baku, Azerbaijan, the taxonomy aims to harmonise sustainable finance criteria across China, the European Union, and Singapore, enhancing global interoperability in green finance taxonomies. The M-CGT builds upon the bilateral EU-China Common Ground Taxonomy (CGT), which was established in 2020 as a joint initiative of the European Commission and the People’s Bank of China. By incorporating the Singapore-Asia Taxonomy into this framework, the M-CGT expands the interoperability of taxonomies to include three major jurisdictions. Its purpose is to facilitate cross-border green financial flows by providing a unified...

On 13 November 2024, the Swiss Financial Market Supervisory Authority (FINMA) announced its strategic goals for the period from 2025 to 2028. The announcement, approved by the Swiss Federal Council, outlines FINMA’s long-term priorities and provides guidance on how it will fulfil its legal mandate. The four strategic goals focus on supervision, resilience, framework conditions, and organisational development, reflecting FINMA’s commitment to enhancing its effectiveness and efficiency as a supervisory authority. The purpose of FINMA’s supervisory activities is to protect depositors, insured persons, and clients while ensuring the proper functioning of the Swiss financial markets. The strategic goals are designed to address ongoing developments and challenges in the financial sector, particularly those associated with financial and operational risks. The Federal Council approved FINMA’s strategic goals on 13 November 2024, granting the authority a clear direction for the next four...

On 7 November 2024, Latvijas Banka announced an expansion and update of its Guidelines on the Establishment of the Internal Control System for Anti-Money Laundering and Countering Terrorism and Proliferation Financing and Sanctions Risk Management, and on Customer Due Diligence. The updates in the regulatory framework, clarify sanctions-related procedures, and incorporate new examples relevant to the current financial landscape. The revised guidelines aim to enhance the understanding and application of anti-money laundering and sanctions risk management practices across Latvia's financial sector. Latvijas Banka has introduced updates to the guidelines to address financial crime risks and improve compliance mechanisms within credit institutions and financial institutions. Updated section provides detailed guidance on how credit institutions and financial institutions should identify and manage risks when cooperating with other financial entities. This includes best practice examples...

On 13 November 2024, the United States Securities and Exchange Commission issued an Order appointing fund administrator, setting administrator’s bond amount, and authorizing the approval and payment of fees and expenses of administration. Initially, on 13 September 2023, the United States Securities and Exchange Commission initiated cease-and-desist proceedings against Stoner Cats 2, LLC, a company known for its production and sale of animated series-related non-fungible tokens (NFTs). The United States Securities and Exchange Commission found that Stoner Cats 2 had conducted an unregistered offering of crypto asset securities through the sale of Stoner Cats NFTs on 27 July 2021. Stoner Cats 2, LLC is the entity behind the “Stoner Cats” animated series. To fund the project, Stoner Cats 2 offered 10,320 NFTs to the public, each priced at 0.35 ETH, approximately $800 at the time. The entire offering sold out within 35 minutes, yielding gross proceeds in Ethereum valued at approximately...

On 13 November 2024, The Monetary Authority of Singapore published the updates of the ninth edition of the Singapore FinTech Festival wrapped up on 8 November 2024, attracting a record-breaking 65,000 participants from 134 countries and regions. The annual event has solidified its reputation as one of the world’s premier gatherings for financial technology, bringing together policymakers, regulators, investors, industry leaders, and innovators to discuss critical issues shaping the future of global finance. Singapore FinTech Festival 2024 showcased a range of specialised zones and targeted forums designed to foster insights, innovation, and collaboration across diverse areas of the financial technology landscape. Major highlights included: The invite-only Insights Forum convened over 2,300 influential figures, including policymakers, regulators, investors, and industry leaders, for in-depth discussions across 40 roundtables. This year’s agenda covered topics such as the future of...