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UK FCA Fines Mako £1.66 Million for Failings in Cum-Ex Trading Controls
On 18 February 2025, the United Kingdom Financial Conduct Authority (UK FCA) issued a Final Notice: Mako Financial Markets Partnership LLP, imposing a fine of £1,662,700 for failing to ensure it had effective systems and controls to guard against financial crime. The UK FCA alleges that Mako also failed to adequately apply the policies and procedures it had in place, leaving it vulnerable to misuse in relation to cum-ex trading. The UK FCA’s decision concludes its investigations into cum-ex trading, marking the eighth and final enforcement case related to this practice. Working with EU and global law enforcement agencies, the UK FCA has imposed fines exceeding £30 million in connection with cum-ex trading cases. Between December 2013 and November 2015, Mako executed purported over-the-counter (OTC) equity trades worth approximately £68.6 billion in Danish equities and £23.6 billion in Belgian equities on behalf of clients linked to the Solo Group, receiving £1.45 million in...
ASIC Proposes Additional Relief for Financial Licensees Under Reportable Situations Regime
On 18 February 2025, the Australian Securities and Investments Commission (ASIC) announced its proposal CS 16 Reportable situations – additional relief, aimed at easing the compliance burden for Australian financial services licensees (AFSLs) and Australian credit licensees (ACLs) under the reportable situations regime. The proposal introduce exemptions for minor breaches of misleading and deceptive conduct provisions and certain civil penalty contraventions. The Australian reportable situations regime was introduced in October 2021 for financial and credit licensees in Australia, to identify, rectify, and report potential misconduct in a timely manner. The regime aims to enhance regulatory intelligence for ASIC, improve compliance standards, and protect consumers from financial misconduct. ASIC's proposed relief applies to financial advisers, mortgage brokers, superannuation trustees, insurers, fund managers, and other regulated entities holding AFSLs or ACLs. The relief would...
Singapore Authorities Warn Against Unauthorised Contactless Payment Fraud
On 17 February 2025, the Singapore Police Force (SPF), Cyber Security Agency of Singapore (CSA), and Monetary Authority of Singapore (MAS) jointly issued the Joint Advisory on Unauthorised Card Transactions Made Using Contactless Payment Methods in Singapore. The advisory reminds the public to exercise caution when entering credit card details online and highlights the increasing abuse of phished card credentials by scammers. According to the advisory, fraudsters typically obtain victims' card credentials through e-commerce phishing websites and social media advertisements. Once they acquire the information, the scammers add the stolen card details to an Apple wallet on their own devices. Victims are then tricked into entering an SMS One-Time Password (OTP) on the fraudulent website, granting scammers full control of their cards. The scammers collaborate with money mules, who use mobile devices linked to the fraudulent Apple wallet to make in-person purchases via Near Field...
ASIC Updates Guidance on Applications for Relief and No-Action Letters
On 17 February 2025, the Australian Securities and Investments Commission (ASIC) Published updates to its regulatory guides, Regulatory Guide 51: Applications for Relief (RG 51) and Regulatory Guide 108: No-Action Letters (RG 108). These updates aim to simplify guidance for applicants by centralising relevant information and addressing outdated references of seeking regulatory relief or no-action letters from ASIC. ASIC Regulatory Guide 51: Applications for Relief, serves as a comprehensive resource for applicants seeking relief under the legislative framework that ASIC administers, detailing the types of relief available, the application process, and the associated fees. Regulatory Guide 108: No-Action Letters, provides guidance for those seeking no-action letters, which indicate ASIC’s intention not to take regulatory action under specific circumstances. The latest revisions to these guides follow a stakeholder consultation process conducted in 2024 under Consultation 11: Proposed...
Brian Young Appointed as United States Commodity Futures Trading Commission Director of Enforcement
On 14 February 2025, the United States Commodity Futures Trading Commission announced the appointment of Brian Young as its Director of Enforcement. Young had been serving in an acting capacity since 22 January 2025 and was previously the Director of the Whistleblower Office. Brain Young is a federal prosecutor with nearly 20 years of service at the United States Department of Justice, where he handled some of the most high-profile financial crime cases. He previously served as the Acting Director of Litigation for the United States Department of Justice Antitrust Division, overseeing criminal prosecutions under the Sherman Act as well as civil antitrust litigation. Before that, he was the Chief of the Litigation Unit in the Fraud Section of the United States Department of Justice Criminal Division. Before joining the US Commodity Futures Trading Commission in 2024, Young spent nearly two decades at the United States Department of Justice. His most recent role was as the Acting...
Hong Kong SFC Convenes First Virtual Asset Consultative Panel Meeting to Develop Virtual Asset Regulatory Framework
On 14 February 2025, Hong Kong Securities and Futures Commission (HK SFC) convened the inaugural meeting of the Hong Kong Virtual Asset Consultative Panel (VACP), a dedicated advisory body for licensed virtual asset trading platforms (VATPs) in Hong Kong. The HK VACP, chaired by Dr. Eric Yip, Executive Director of Intermediaries at the HK SFC, brings together senior management representatives from all HK SFC-licensed VATPs to help shape Hong Kong’s regulatory landscape for virtual assets. The Hong Kong VACP’s primary aim is to contribute to the HK SFC’s regulatory policy development, through close collaboration with industry participants, the panel further aims to identify key policy priorities and guide both market and regulatory developments, while maintaining strong investor protections. The formation of the Hong Kong VACP with a strategy to work closely with licensed platforms, the panel aims to establish clear regulatory policies, enabling secure and transparent market...
BaFin Warns Consumers About Unauthorised Crypto Trading Bots Operating in Germany
On 11 February 2025, the Federal Financial Supervisory Authority (BaFin) of Germany issued a public warning alerting consumers to a series of online platforms offering AI-controlled algorithmic trading for financial instruments and cryptoassets without the required authorisation. The websites under investigation include ZivaProfit7 Ai, Velmo Coin AI, Zolintex AI, LuxiGain AI, GrabCapitaL4u Ai, TivanaFund AI, Brixo Gain AI, BrixoFund AI, Pamborich Ai, Zono Cash AI, Econarix AI, ZorboFund AI, GAINTOMO AI, TrovaFund AI, GlipoRich AI, ViznoFund AI, and GrivoGain AI. Germany’s BaFin in its announcement clarified that the financial and cryptoasset services provided by these platforms appear to be unauthorised. The regulator notes that these websites display a nearly identical text design and layout, providing no clear details regarding the location of any registered office. Under German law, any entity offering financial, investment, or cryptoasset services in Germany must obtain the...
Singapore to Establish New Payments Entity to Strengthen National Payment Schemes
On 12 February 2025, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced the establishment of a new payments entity to consolidate the administration and governance of Singapore’s national payment schemes. The initiative, titled "MAS and ABS to Establish New Payments Entity to Position National Payment Schemes for Next Stage of Growth," aims to enhance coordination across the country’s payment infrastructure, ensuring continued innovation and resilience. The new entity will also collaborate with MAS on the development of Singapore’s national payments strategy. Singapore’s national payment schemes, including Fast And Secure Transfers (FAST), Inter-bank GIRO System, PayNow, and the Singapore Quick Response Code (SGQR), play a central role in the daily financial activities of consumers and businesses. These schemes are currently administered by multiple entities, including Singapore Clearing House Association (SCHA), MAS, ABS, and the...
India’s Union Budget 2025-26 Introduces Stricter Cryptocurrency Regulations and Compliance Measures
On 1 February 2025, the Indian government released the Union Budget for the financial year 2025-26, addressing various economic sectors, including cryptocurrency regulation. The budget reaffirmed the government's cautious stance on digital assets by maintaining the 30% tax on cryptocurrency income while introducing new compliance requirements and penalties for unreported gains. The government continues to classify cryptocurrency as a high-risk speculative asset, disallowing investors from offsetting losses against other income sources. Cryptocurrency entities are now mandated to report transaction details under Section 285BAA of the Indian Income Tax Act, a requirement that brings them under scrutiny, akin to traditional financial institutions. The Indian budget 2025-26 introduced a 70% penalty on undisclosed gains from cryptocurrency transactions, retroactively applying to profits made over the past 48 months. This provision specifically targets unreported earnings from the...
US Federal Court Orders Florida Resident to Pay $7.6 Million for Digital Asset Fraud
On 10 February 2025, the United States Commodity Futures Trading Commission (US CFTC) announced that the United States District Court for the District of Massachusetts had entered a consent order dated 6 February 2025 against Randall Crater, a resident of Heathrow, Florida, in connection with a fraudulent digital asset scheme. The consent order for permanent injunction and other equitable relief against Randall Crater, requires Crater to pay over $7.6 million in restitution to defrauded victims, with a dollar-for-dollar credit for payments made under a parallel criminal action. The court also permanently enjoined him from trading in US CFTC-regulated markets, engaging in transactions involving commodity interests or digital asset commodities, and registering with the US CFTC. The order resolves the US CFTC’s enforcement action against Crater in relation to his role in My Big Coin, a fraudulent virtual currency scheme that misled investors about the legitimacy, backing, and...
US Federal Court Orders New York Resident to Pay Over $1.5 Million in Digital Assets Fraud Case
On 10 February 2025, the United States Commodity Futures Trading Commission (US CFTC) announced that the United States District Court for the Eastern District of New York had entered an order dated 16 January 2025, against Rashawn Russell, a New York resident, in a US CFTC enforcement action. The order finds Russell liable for fraudulent solicitation and misappropriation of investor funds intended for digital assets trading and requires him to pay over $1.5 million in restitution to victims. The order permanently enjoins Russell from engaging in activities that violate the Commodity Exchange Act and CFTC regulations. Additionally, it imposes an eight-year trading ban on him and prohibits him from registering with the CFTC, soliciting investments, or trading in any CFTC-regulated markets on behalf of third parties. The order resolves the CFTC’s enforcement action against Russell, originally filed on 11 April 2023. According to the order, the US SEC alleges that between November 2020...
US SEC Grants Temporary Exemption from Rule 13f-2 Compliance and Form SHO Reporting of US Securities Exchange Act
On 07 February 2025, the United States Securities and Exchange Commission (US SEC) issued an order titled Order Granting Temporary Exemption Pursuant to Section 13(f)(3) of the United States Securities Exchange Act of 1934 from Compliance with Rule 13f-2 and Form SHO. This exemption delays the requirement for institutional investment managers to comply with US SEC Rule 13f-2 and report on US SEC Form SHO until 02 January 2026, extending the original deadline of 02 January 2025. The first required US SEC Form SHO filings, initially due by 14 February 2025, will now be due by 17 February 2026, covering the January 2026 reporting period. The order provides relief to institutional investment managers that meet or exceed certain reporting thresholds, giving them additional time to implement necessary technical updates and address compliance challenges. US SEC Rule 13f-2, adopted on 13 October 2023, mandates institutional investment managers meeting specified thresholds to file US SEC Form...
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