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Market Abuse
CFTC Penalises Australian Firm for Spoofing by Former Trader
By Editors | 23/01/2020
The CFTC has ordered Propex Derivatives to pay $1mn, comprising restitution, disgorgement, and a civil monetary penalty. The DOJ has also entered a deferred prosecution agreement with the firm.
Trading & Investment
Philippine Regulators Ease REITs Rules with New Framework
By Editors | 21/01/2020
The new rules remove stringent tax and minimum public ownership requirements under a 2009 law that prevented the rise of REITs in the Philippine capital market.
CBDCs
Former CFTC Chair Launches Digital Dollar Project with Accenture
By Editors | 20/01/2020
The Digital Dollar Project is a multi-stakeholder initiative to explore options for creating a US dollar CBDC, which would coexist with other Federal Reserve liabilities.
Trading & Investment
Hong Kong, Thailand Set to Sign Cross-Border Funds Agreement
By Editors | 17/01/2020
Hong Kong’s SFC and Thailand’s SEC plan to sign a mutual recognition of funds agreement within the second quarter of this year.
Structural Regulation
Trade Deal to Enable Early Entry of US Firms to China
By Manesh Samtani | 16/01/2020
Under the agreement, the December timeline for China’s removal of foreign ownership limits in the securities sector is brought forward to April.
Structural Regulation
US Finalises Rules Expanding Foreign Investment Review Process
By Editors | 15/01/2020
Foreign investors will be subject to the CFIUS national security review process even for deals to take a non-controlling interest in certain US companies.
Market Abuse
CFTC Penalises Mirae Asset Daewoo on Spoofing Charges
By Editors | 15/01/2020
Mirae Asset will pay $700,000 to settle charges against Daewoo Securities, which it acquired in April 2016 — after the spoofing conduct at issue occurred.
Structural Regulation
Philippine SEC Issues New Corporate Governance Code
By Editors | 10/01/2020
The new code comes into effect on 12 January, and gives public companies and registered issuers 6 months to submit a new manual on corporate governance.
Credit Risk
ISDA Offers Guidance on Cross-Border Application of Margin Rules
By Editors | 08/01/2020
The guide seeks to help firms subject to margin rules analyse multiple foreign rule sets, identify situations in which different rules apply, and improve understanding on substituted compliance.
Fraud, Scams & Cybercrime
Korea: Lime Asset Faces Legal Action for Concealing Hedge Fund Losses
By Editors | 06/01/2020
Lime Asset Management suspended redemptions in three funds in October. One of them had 240bn won invested with New York-based IIG, which has since been charged with securities fraud.
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