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Hong Kong Securities And Futures Commission Obtains Court Orders Against Former Chairman Of Kong Sun Holdings Limited And China Sandi Holdings Limited

Date 15/11/2023

The Securities and Futures Commission (SFC) has obtained disqualification and compensation orders in the Court of First Instance against former chairman and executive director of Kong Sun Holdings Limited (Kong Sun) and China Sandi Holdings Limited (China Sandi), Mr Tse On Kin, who admitted that he fraudulently obtained a secret profit out of the Kong Sun share placement and shares of China Sandi at a discounted price in a placement.
Monetary Authority Of Singapore Partners Financial Industry To Expand Asset Tokenisation Initiatives

Date 15/11/2023

The Monetary Authority of Singapore (MAS) today announced that it is working with the financial industry to expand asset tokenisation initiatives and develop foundational capabilities to scale tokenised markets. These developments under Project Guardian will catalyse the institutional adoption of digital assets, with the aim of freeing up liquidity, unlocking investment opportunities, and increasing the efficiency of financial markets.
ASIC Targets Misconduct In Superannuation Sector

Date 15/11/2023

ASIC will look to take strong, targeted enforcement action in the coming months and into 2024, as part of its focus on member outcomes in the superannuation sector.
New Zealand Financial Markets Authority Opens Consultation On Fair Outcomes For Consumers And Markets

Date 15/11/2023

The Financial Markets Authority – Te Mana Tātai Hokohoko – has opened consultation on its approach to outcomes focused regulation, including the fair outcomes for consumers and markets it wants to see financial service providers focus on. The FMA welcomes feedback from all its stakeholders.
Japan Fintech Week 2024 And FIN/SUM2024 In Tokyo, Japan

Date 15/11/2023

About the Japan Fintech Week
An inaugural Japan Fintech Week 2024 will be held from Monday, March 4 to Friday, March 8 with FIN/SUM2024 as one of the core event. FIN/SUM 2024 and a variety of fintech-related events will be held around the core week, bringing together global fintech global community to engage, connect, and collaborate on issues relating to the development of financial services, public policy and technology. In cooperation with the Tokyo Metropolitan Government and other local governments, embassies, and fintech-related organizations such as BGIN (Blockchain Governance Initiative Network), Fintech association of Japan, FINOLAB, Elevandi Japan, Plug and Play, the events will feature panel discussions, round tables, and booth exhibitions at various locations in Tokyo.

SEC Enforcement Results Highlight Record Year For Whistleblower Program

Date 14/11/2023

Today, the U.S. Securities and Exchange Commission (SEC) announced its enforcement results for the 2023 Fiscal Year. In addition to obtaining orders for $4.949 billion in financial remedies, the SEC awarded nearly $600 million to whistleblowers, a fiscal year record.
The SEC’s Swiss Army Statute: Statement On Charter Communications, Inc., SEC Commissioner Hester M. Peirce, SEC Commissioner Mark T. Uyeda, Nov. 14, 2023

Date 14/11/2023

The classic Swiss Army Knife began its life as an ingenious multi-use tool designed by Karl Elsener, a Swiss cutler. The early versions started with basic tools useful to soldiers—a blade, a can opener, a screwdriver, and a reamer—and soon expanded to include a second blade and a corkscrew. Over time, the knife has evolved to incorporate myriad attachments and has expanded beyond its martial beginnings to offer versions for different users. The Commission in recent years has taken to using Securities Exchange Act Section 13(b)(2)(B) as its own Swiss Army statute—a multi-use tool handy for compelling companies to adopt and adhere to policies and procedures that the Commission deems good corporate practice. We do not have the authority to tell companies how to run themselves, but we now routinely use Section 13(b)(2)(B) to do just that. The settlement with Charter Communications, Inc. is the latest example of the Commission’s unmooring of Section 13(b)(2)(B) from its statutory text and context to extend the reach of its jurisdiction.
SEC: Charter Communications To Pay $25 Million Penalty For Unauthorized Stock Buybacks

Date 14/11/2023

The Securities and Exchange Commission today announced settled charges against Charter Communications Inc. for violating internal accounting controls requirements when it engaged in stock buybacks not authorized by its board of directors.
MIAX Options And MIAX Emerald - Amendment To Rule 404, Series Of Option Contracts Open For Trading, To Adopt A New Strike Listing Program

Date 14/11/2023

MIAX Options and MIAX Emerald Options have received approval from the Securities and Exchange Commission to adopt a new strike interval program for stocks that are priced less than $2.50.
SEC Announces Enforcement Results For Fiscal Year 2023 - Commission Filed 784 Enforcement Actions, Obtained Orders For Nearly $5 Billion In Financial Remedies, And Distributed Nearly $1 Billion To Harmed Investors

Date 14/11/2023

The Securities and Exchange Commission today announced that it filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8 percent increase over the prior fiscal year. The SEC also filed 162 "follow-on" administrative proceedings seeking to bar or suspend individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders and 121 actions against issuers who were allegedly delinquent in making required filings with the SEC.