Daily News Headlines

  • Daily News Headlines – 24 Aug 2020

    Hong Kong regulator gives in-principle approval to license crypto exchange firm

    Straits Times, 24 Aug 2020

    OSL said last November that it had become the first firm to apply for a digital asset licence from Hong Kong's Securities and Futures Commission under new rules allowing crypto exchanges to opt into regulation.

    No other firm has so far said it has received such approval. Financial regulators worldwide have been debating whether and how they should regulate the cryptocurrency, or virtual asset, industry.

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    China's unlicensed asset management firms still a threat, says central bank exec

    Business Times, 22 Aug 2020

    Fan Yifei, vice governor of the People's Bank of China, told a forum that a sizeable proportion of the 5,000 third-party wealth management firms in China do not have the licence to sell insurance or public offerings of funds.

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    Asset managers wary about Libor oversight as loans still reliant on benchmark

    Business Times, 21Aug 2020

    Asset managers are growing concerned about a US regulator's warning that it will scrutinise firms' plans and disclosures about the upcoming transition away from a key lending benchmark that trillions of US dollars of investments rely on.

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    CFTC Orders Toronto-Based Firm to Pay $500,000 for Violating Capital, Reporting, and Supervision Rules

    CFTC, 21 Aug 2020

    The Commodity Futures Trading Commission today issued an order filing and settling charges against OANDA Corporation, a futures commission merchant (FCM) and retail foreign exchange dealer (RFED) headquartered in Toronto, Canada, for violating certain capital, reporting, and supervision rules.

    Specifically, OANDA failed to meet minimum net capital requirements, violated the equity withdrawal restriction in making dividend payments on three occasions, failed to meet certain reporting requirements, and failed to diligently supervise matters related to its business as a CFTC registrant.

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