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On 21 November 2024, the Australian Securities and Investments Commission released updated regulatory guidance in response to reforms introduced under the Treasury Laws Amendments (Delivering Better Financial Outcomes and Other Measures) Act 2024 (DBFO Act). This guidance is aimed to assist financial advisers and Australian Financial Services (AFS) licensees in complying with new obligations arising from the reforms, which come into effect on 10 January 2025. The updated regulatory guidance includes four updated information sheets and updates to existing regulatory guides, with further guidance expected as the government’s DBFO package continues to roll out. ASIC has published four new information sheets addressing the DBFO Act, which includes INFO 286, INFO 287 i.e. FAQs on Non-Ongoing Fee Arrangements and Consents, this sheet answers frequently asked questions about obtaining written client consent to enter into or renew ongoing fee arrangements. INFO 287 is updated FAQs on...

On 5 December 2024, the Monetary Authority of Singapore and the Association of Banks in Singapore have jointly announced updates to Singapore’s payment landscape. The Monetary Authority of Singapore has released a consultation paper detailing these initiatives and seeking stakeholder feedback. Two new electronic payment solutions—Electronic Deferred Payment and its enhanced version—will be launched by mid-2025 to facilitate the transition to e-payments for businesses and individuals. Furthermore, the cessation deadline for processing corporate cheques has been extended by one year to 31 December 2026. The Electronic Deferred Payment and EDP+ solutions are designed to replace traditional post-dated cheques and cashier’s orders, providing users with seamless digital alternatives through existing digital banking platforms. These solutions replicate the functionality of cheques while offering enhanced security and efficiency. Starting from 1 July 2025, Singapore banks will cease issuing...

On 4 December 2024, the US Commodity Futures Trading Commission (US CFTC) announced the Enforcement action for fiscal year 2024, securing a US $17.1 billion in monetary relief. This includes US $2.6 billion in civil monetary penalties and US $14.5 billion in disgorgement and restitution, largely driven by cases in the digital asset sector. The US CFTC showed its aggressive pursuit of misconduct across traditional markets and digital assets markets, committing to protect market integrity and participants and to ensure the integrity of US markets through vigorous enforcement against misconduct across digital assets, environmental markets, and traditional commodities. The US CFTC in fiscal year 2024 took several digital asset enforcement action. The agency secured a US $12.7 billion judgment against FTX and Alameda Research for fraudulent operations, which is the largest enforcement action in its history. Litigation continues against other defendants, including FTX co-founder Samuel...

On 4 December 2024, the Monetary Authority of Singapore announced the renewal of its partnership with the National University of Singapore, extending the Monetary Authority of Singapore Term Professorship in Economics and Finance for another five years. This initiative was first launched in 2009 and has been expanded to include not just eminent academics but also industry practitioners and emerging academic talents. The National University of Singapore is Singapore’s leading global university, known for its multidisciplinary approach to education, research, and entrepreneurship. With over 40,000 students and campuses across the globe, the National University of Singapore focuses on complex academic and financial global challenges, with the aid of scholars and distinguished faculties. The Monetary Authority of Singapore serves as Singapore’s central bank and financial regulator with its focus on sustainable economic growth, financial stability, and promoting Singapore as a leading...

On 28 November 2024, the United Kingdom’s Financial Conduct Authority (UK FCA) issued a follow-up consultation paper to refine its approach to enforcement transparency, building on earlier proposals made in February 2024. The updated consultation outlines amendments and changes aimed at enhancing public confidence in regulatory processes while addressing concerns raised by regulated firms and other stakeholders. The UK FCA is the principal financial regulatory body in the United Kingdom, overseeing conduct across a spectrum of financial services including cryptoassets. The proposed changes are aimed at increasing transparency and fairness in enforcement investigations. The updated consultation, a continuation of the proposals first set out in February 2024, integrates feedback received from stakeholders which includes assessing the potential impact on the relevant firm as part of the UK FCA’s public interest test when deciding whether to announce an investigation. The UK FCA has...

On 2 December 2024, the Monetary Authority of Singapore (MAS) imposed a civil penalty of SG$2.4 million on JPMorgan Chase Bank, N.A. for failing to prevent and detect misconduct committed by its relationship managers. The penalty follows an investigation into twenty-four over-the-counter bond transactions in which clients were overcharged due to misrepresentations and incomplete disclosures. The Monetary Authority of Singapore is Singapore’s central bank and primary financial regulatory authority, tasked with maintaining the integrity of Singapore’s financial system. JPMorgan Chase Bank, N.A., a global financial services leader, operates within Singapore’s jurisdiction and is subject to its regulatory frameworks. Between November 2018 and September 2019, JPMorgan Chase relationship managers conducted twenty-four over-the-counter bond transactions in which clients were charged spreads exceeding the bilaterally agreed rates. These spreads were built over interbank prices, which were...

On 3 December 2024, the Monetary Authority of Singapore (MAS) announced collaboration with the Australian Government, through Export Finance Australia, which has approved a US$50 million investment into Singapore’s Financing Asia’s Transition Partnership (FAST-P) initiative. This initiative aims to support Southeast Asia’s clean energy transition and sustainable infrastructure development. The Monetary Authority of Singapore serves as Singapore’s central bank and financial regulatory authority and maintains financial stability while advancing innovative and sustainable financial solutions. Export Finance Australia, the Australian Government's export credit agency, and aims to promote Australian business interests abroad and strengthening regional ties through impactful economic investments. This joint effort is part of FAST-P, a blended finance platform launched by MAS at the 28th United Nations Climate Change Conference (COP28) in 2023. FAST-P aims to mobilise international...

On 26 November 2024, the United Kingdom Financial Conduct Authority (UK FCA) published the regulatory roadmap for the regulation of cryptoassets for a secure and innovative digital asset market. UK FCA’s latest consumer research revealed that 12% of UK adults now own cryptoassets, an increase from 10% in previous years. Public awareness has also risen to 93%, reflecting growing familiarity with digital currencies. However, the research also revealed misconceptions, as approximately a third of respondents believed they could raise a complaint with the UK FCA for financial protection if issues arise. The UK FCA emphasised that cryptoassets remain high-risk and largely unregulated, cautioning consumers to prepare for the possibility of losing their entire investment. The UK FCA’s regulatory roadmap sets out a structured and phased approach. The plan builds on earlier achievements, including the introduction of anti-money laundering regulations for crypto-related businesses in early...

On 29 November 2024, the United States Securities and Exchange Commission (SEC) initiated a civil enforcement action against Eng Taing and his company, Touzi Capital, LLC, for allegedly defrauding investors in connection with cryptocurrency mining and distressed debt rehabilitation schemes. The complaint, filed in the United States District Court for the Southern District of California on 20 November 2024, outlines a number of misrepresentation and financial misconduct. The defendants are accused of raising over £115 million from more than 1,573 investors while misappropriating funds and concealing the high risks associated with the investments. The United States Securities and Exchange Commission is seeking various remedies, including permanent injunctions to prevent further misconduct, disgorgement of unlawfully obtained gains, civil penalties, and a lifetime prohibition against Eng Taing serving as a director or officer of public companies. Touzi Capital, LLC, established by Eng...

On 26 November 2024, the United Kingdom’s Financial Conduct Authority (FCA) released its latest findings on UK consumer attitudes and behaviours towards cryptocurrencies. The report revealed that 12% of UK adults now own crypto, up from 10% in previous research. Awareness of cryptoassets also rose from 91% to 93%, showing a growing public interest in digital currencies. Despite this, the UK FCA reiterated its warning that crypto remains high-risk and largely unregulated, advising consumers to prepare for the possibility of losing their entire investment. On 12th August 2024, the UK FCA released its fifth wave of cryptoasset consumer research, presenting an intricate portrayal of the UK's engagement with cryptoassets. Conducted through YouGov's comprehensive online methodology, the study discusses consumer trends, behavioural shifts, and the burgeoning landscape of cryptocurrency ownership. This structured survey gathered data from 3,296 participants, split into representative and...

On 25 November 2024, the United States Securities and Exchange Commission issued a detailed administrative order under the United States Securities Exchange Act of 1934. The order approved the payment of fees and expenses to the fund administrator responsible for managing the Fair Fund related to BitClave PTE Ltd. The Commission also authorised an expedited process for future payments to ensure the efficient distribution of funds to harmed investors. The United States Securities and Exchange Commission had initiated enforcement proceedings against BitClave PTE Ltd. on 28 May 2020. The findings of the Commission revealed that between June 2017 and November 2017, BitClave PTE Ltd. conducted an initial coin offering to raise funds for the development of a blockchain-based search platform designed to deliver targeted consumer advertising. As part of this process, the company issued digital tokens referred to as Consumer Activity Tokens, also known as CAT. BitClave PTE Ltd. raised...