News Centre

ASIC Annual Forum 2023: Retirement Income Covenant: One Year On

Date 22/11/2023

KEY POINTS

• This article follows a session on the impact of the retirement income covenant on the superannuation industry at the 2023 ASIC Annual Forum in Melbourne.
• The covenant requires trustees to develop a retirement income strategy to improve long-term outcomes for members in or approaching retirement.
• Protecting consumers as they plan and make decisions for retirement is a strategic priority for ASIC. However, a year after the introduction of the covenant, ASIC and the Australian Prudential Regulation Authority (APRA) conducted a joint review which found that more progress was needed to implement it.

Hong Kong Securities And Futures Commission Reprimands And Fines Lion Futures Limited $2.8 Million For Regulatory Breaches

Date 22/11/2023

The Securities and Futures Commission (SFC) has reprimanded and fined Lion Futures Limited (LFL) $2.8 million for failures in complying with anti-money laundering and counter-terrorist financing (AML/CFT) and other regulatory requirements between May 2017 and July 2019.

ASIC Annual Forum 2023: Disruption By Natural Disasters

Date 22/11/2023

KEY POINTS

• This article follows a session on the impact of increased natural disasters on insurers and their customers at the 2023 ASIC Annual Forum in Melbourne.
• ASIC has identified three areas of improvement across the insurance sector, needed to ensure good consumer outcomes - making good on pricing promises, better claims handling practices and strengthened product design and distribution.
• At a time when extreme weather events are becoming more frequent, insurers need to adapt to ensure they can balance the need for affordable, quality products with sustainable business models.

Coincover And Utila Partner To Enhance Crypto Asset Management

Date 22/11/2023

Coincover, the blockchain protection company, has joined forces with Utila, a cutting-edge enterprise-grade crypto operations platform. This strategic partnership brings together Coincover’s renowned protection solutions and Utila’s secure, non-custodial wallet infrastructure.

ASIC Annual Forum 2023: How Digital Innovation Is Transforming Financial Markets

Date 22/11/2023

KEY POINTS

• This article follows a session on the pace of technologically driven change in global financial markets at the 2023 ASIC Annual Forum in Melbourne.
• Technology is forging new digital ecosystems and the reshaping financial system. Regulators and industry alike must do all they can to navigate disruption, and avoid learned market abuse, misinformation, discrimination, and bias.
• ASIC supports technological change that improves outcomes across the financial system, and takes a principles-based, technology-neutral approach to regulation.

Japan Financial Services Agency: “Launching Japan’s Impact Consortium” Announced

Date 22/11/2023

As the importance of environmental and social issues such as climate change and the declining birthrate and aging population increases, the support for businesses that contribute to resolving these issues has become an urgent task.

ASIC Annual Forum 2023: Navigating Disruption - Regulator Perspectives

Date 22/11/2023

KEY POINTS

• This article follows a session on how Australia’s financial services and consumer protection regulators are navigating a time of constant change and disruption at the 2023 ASIC Annual Forum in Melbourne.
• Financial markets are fast-paced and constantly evolving, and regulators are harnessing new developments in technology, automation, and digital innovation to stay ahead of the game.
• ASIC is continually developing its capabilities to become a leading digitally enabled and data-informed regulator.

Statement Of CFTC Commissioner Caroline D. Pham Regarding Binance Consent Orders

Date 21/11/2023

Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham released the following statement regarding the CFTC’s consent orders related to Binance announced today:

“These enforcement actions, including separate consent orders against two individuals with hundreds of millions of dollars in penalties, demonstrate that the CFTC is committed to holding management accountable.

Statement Of CFTC Commissioner Caroline D. Pham On Chief Compliance Officer Liability

Date 21/11/2023

This consent order related to Binance is the first time that the CFTC is charging a compliance officer with individual liability.

Statement Of CFTC Commissioner Christy Goldsmith Romero On Bringing Binance And Its Founder To Justice

Date 21/11/2023

Today, the CFTC has filed with the court a proposed resolution of the case against Binance, which operates the world’s largest digital asset trading platform, its founder and CEO Changpeng Zhao, and its Chief Compliance Officer Samuel Lim, in connection with proposed resolutions of a criminal case by the Department of Justice, and a civil case by the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and Treasury’s Office of Foreign Assets Control (“OFAC”).  The case is resolved for $2.8 billion, a ban from operating unregistered in CFTC-regulated markets, changes to implement Know Your Customer (KYC) controls, and removing accounts that violate the new controls, including U.S. trading firms.