Daily News Headlines

  • Daily News Headlines – 25 May 2020

    Supplemental Circular on Leveraged and Inverse Products

    SFC Circulars, 22 May 2020

    This circular is supplemental to the SFC’s Circular on Leveraged and Inverse Products (the “L&I Products Circular”). Capitalised terms should have the same meaning as defined in the L&I Products Circular unless otherwise provided.

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    Circular to Licensed Corporations and Associated Entities - Anti-Money Laundering / Counter-Financing of Terrorism

    SFC Circulars, 22 May 2020

    The sanctions committee of the United Nations Security Council (“UNSC”) which administers the sanctions regime for ISIL (Da’esh) and Al-Qaida added one individual to its sanctions list  on 21 May 2020 (New York time).

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    FCA acts to strengthen protections for customers using payment firms

    FCA Press Release, 22 May 2020

    The FCA has launched a consultation on additional guidance for payments firms to strengthen the way in which they look after customers’ money. The payments sector is a priority area for the FCA and the consultation follows ongoing work to ensure payments firms are adequately protecting customer funds.

    Full Text: Click Here; Guidance Consultations: Click Here

    SEC Shuts Down Fraudulent Investment Adviser Targeting Senior Citizens

    SEC Press Release, 22 May 2020

    The Securities and Exchange Commission today announced that it has filed an emergency action and obtained a temporary restraining order and asset freeze against a California-registered investment adviser and his entities to halt an ongoing Ponzi scheme targeting senior citizens in Southern California.

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    CFTC Issues COVID-19 Customer Advisory on Commodity ETPs and Funds

    CFTC News, 22 May 2020

    The Commodity Futures Trading Commission today issued a Customer Advisory informing the public about the unique risks associated with certain trading vehicles that use futures contracts or other commodity interests as they make investment decisions during the COVID-19 (coronavirus) pandemic. This is the third Customer Advisory the CFTC has issued in response to the pandemic and is a joint product of the Office of Customer Education and Outreach (OCEO) and the Division of Swap Dealer and Intermediary Oversight (DSIO).

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    United Nations Sanctions (ISIL and Al-Qaida) Regulation & United Nations (Anti-Terrorism Measures) Ordinance (22 May 2020)

    Customs MSOS, 22 May 2020

    Money Service Operators (“MSOs”) published a circular regarding an updated list of “individuals, groups’s, undertakings and entities” and an updated list specifying terrorists and terrorist associates designated by the UNSC.

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    China to promote regulation for registration-based system of ChiNext

    ChinaDaily, 24 May 2020

    China planned to optimize the issuance and underwriting of initial public offerings (IPOs) under the reform of the registration-based IPO system in ChiNext, the country's Nasdaq-style board of growth enterprises. The CSRC recently started to solicit public opinion on a special regulation, expecting to regulate IPO activities in the registration system of ChiNext, and protect the legitimate rights and interests of investors and public interests.\

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