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Hong Kong Securities And Futures Commission’s Enhanced Position Limit Regime To Take Effect

Date 19/12/2023

The Securities and Futures Commission (SFC) announced today that the amendments to the Securities and Futures (Contracts Limits and Reportable Positions) Rules (the “Rules”) will come into effect on 22 December 2023.
ASIC Highlights Focus Areas For 31 December 2023 Reporting

Date 19/12/2023

ASIC urges directors, preparers of financial reports and auditors to assess the impact of uncertain market and economic conditions when reporting for full and half-years ending 31 December 2023.
Industry Pioneers Unite To Create The Social Economic & Environmental (SEE) Fund: The World's First Circular, Tokenised And Sustainable Impact Fund Accelerating Financing & Delivery Of United Nations Sustainable Development Goals

Date 19/12/2023

World Wide Generation, Fusang Exchange, the Association of Family Offices in Asia (AFO), BGI Capital, Upperhouse Capital, and Dunhill Ventures have inked a Memorandum of Understanding (MoU) to establish the world's first circular alternative tokenised sustainable impact fund, called the Social Economic and Environmental Fund (SEE Fund). This MoU was signed at COP28 in the UAE recently.
Dissenting Statement Of CFTC Commissioner Christy Goldsmith Romero On Bitnomial’s Clearinghouse Application For A Bespoke, Vertically Integrated Cryptocurrency Market Structure

Date 19/12/2023

The action we considered this week is precedential as it was the first Commission vote to approve a vertically integrated market structure, an action on which I dissented. Bitnomial, a self-described small start-up, applied to be a clearinghouse with a bespoke market structure—with the same parent company owning a CFTC-registered broker (futures commission merchant (FCM)) and exchange (DCM), as well as a trading firm that acts as a market maker and settlement facility that are not registered with the CFTC.
Statement Of CFTC Commissioner Kristin N. Johnson: A Call For The CFTC To Begin A Formal Rulemaking To Address Vertical Integration

Date 19/12/2023

Bitnomial Clearinghouse, LLC (Bitnomial Clearinghouse) seeks to register as a derivatives clearing organization (DCO) pursuant to Section 5b of the Commodity Exchange Act (CEA) and Part 39 of the Commodity Futures Trading Commission’s (Commission or CFTC) regulations (Part 39). Long before the Commission began deliberation on this application, I advocated for the Commission to initiate a rulemaking process directly addressing the concerns arising due to vertically integrated market structures.

CFTC Divisions Issue Staff Advisory On Affiliations Among CFTC-Regulated Entities

Date 19/12/2023

The Commodity Futures Trading Commission’s Divisions of Clearing and Risk, Market Oversight, and Market Participants today issued a staff advisory on affiliations between a designated contract market (DCM), derivatives clearing organization (DCO), or swap execution facility (SEF) and an intermediary, such as a futures commission merchant, or other market participant, such as a trading entity.
Dissenting Statement Of CFTC Commissioner Christy Goldsmith Romero On Rushed Rulemaking Related To FTX’s Direct-To-Retail Market Structure

Date 19/12/2023

This week, the Commission in a split vote, on which I dissented, approved the first proposed rule related to FTX’s bespoke direct-to-retail market structure. That structure removed the intermediary (known as a futures commission merchant or FCM) where the CFTC’s customer protection and anti-money laundering regimes sit. I believe that before my tenure, the Commission made a mistake in approving two clearinghouses (LedgerX owned by FTX before FTX’s bankruptcy, and Nadex, which is now Crypto.com) for this direct-to-retail market structure before analyzing and addressing the risks of a lack of AML requirements, customer protections, and other checks and balances.
Statement Of CFTC Commissioner Kristin N. Johnson: Closing A Gap, Preserving Market Integrity And Protecting Clearing Member Funds Held By Derivatives Clearing Organizations

Date 19/12/2023

In the mid-1800s, my family migrated to a small town in the Midwest and founded businesses, acquired real estate and originated small loans to support entrepreneurs and businesses in the community.[1] As is true for all businesses, relationships and trust were key elements in the success of these businesses. Trust is the core issue that motivates today’s notice of proposed rulemaking (Proposed Rule) regarding the protection of clearing member funds held by derivatives clearing organizations (DCOs) advanced by the Division of Clearing and Risk.
Statement Of CFTC Commissioner Christy Goldsmith Romero: Advancing Cyber Resilience To Thwart the Continuously Changing Threat Of Cybercrime And Protect Critical Infrastructure - Proposed Rule On Cyber And Operational Resilience

Date 19/12/2023

Today we have before us our first proposed cyber and operational resilience rule that would apply to swap dealers (including banks) and futures commission merchants (FCMs). I’m excited to see the proposed rule up for vote today. I support the rule and thank the staff for their more than one year of hard work. I also thank all who engaged with us in an extensive collaborative effort. I also thank Chairman Behnam for entrusting me to help with this rule.
Statement Of CFTC Commissioner Kristin N. Johnson Regarding The CFTC’s Notice Of Proposed Rulemaking On Operational Resilience Program For FCMs, SDs, And MSPs

Date 19/12/2023

Cyberattacks are an ever-increasing threat. The rising cost, frequency, and severity of cyber threats represent one of the most critical issues facing city, state, and federal government authorities, businesses in each sector of our economy, educational and philanthropic institutions, and significant energy and transportation infrastructure, and national security resources.