Good afternoon, Subscribers! We hope you have had a productive, and above all a healthy week.
This week in APAC headlines, the HKMA released a questionnaire to gauge public opinion on digital assets & stablecoins, with the intention of establishing a regulatory framework to oversee the sector by 2023/24. Meanwhile, Chinese courts have handed a suspended death sentence to a former senior provincial official, for allegedly receiving upwards of USD$70.7m in bribes.
In headlines out of the United States, Gary Gensler issued warnings to retail investors who regularly use commission-free brokerage apps, while the SEC are due to vote next week to propose disclosure of hedge fund data as a means to strengthen industry oversight and investor protection.
In news out of EMEA, the U.K. Treasury have announced an imminent crackdown on "misleading" advertisements for cryptocurrencies, while EU regulators are considering banning a form of bitcoin mining that uses up excessive amounts of energy, to safeguard the continents climate goals.
Lastly, in news out of Australia, the Australian Securities and Investments Commission have issued a clear warning about crypto-scams impacting 'self-managed super funds' (SMSF), as financial crime continues to impact older citizens and their retirement savings.
As always, please feel free to reach out to us for updates on Live Jobs, Movers and Shakers, and Market Intelligence.
Movers and Shakers
Movers and Shakers
BitMEX - Thomas Hill, Legal Counsel, internally promoted. (Hong Kong)
Wellington Management - Cathy Chen, Investment Compliance Officer, from China Life Franklin Asset Management. (Hong Kong)
Binance - Michael Isaacs, Senior Counsel & Head of Litigation for the U.K., from BT. (London)
Consumer Financial Protection Bureau - Seth Frotman, Acting General Counsel & Senior Advisor to the Director, from Student Borrower Protection Center. (Washington D.C.)
Bovill - Kayan Lee-Mckenzie, Compliance Consultant, from the
National Futures Association. (New York)
Aura - Ling-Ling Nie, Deputy General Counsel, Chief Compliance Officer, & Head of Government Affairs, from the Georgia Institute of Technology. (Atlanta)
JANA Investment Advisors - Lindy Hunt, Head of Legal Risk and Compliance, from Club Plus Super. (Sydney)
News of the Week
APAC
Hong Kong’s SFC faces staff shortages, increases budget to compete with financial firms.
Goldman banker goes on trial over Malaysia's 1MDB corruption scandal.
People’s Bank of China continues money laundering crackdown via new rules on customer transactions.
China Could Take Further Measures to Rein in Yuan Former Regulator.
SFC and HKMA Introduce Requirements for Hong Kong Licensed Firms and Banks Dealing with Virtual Assets and Virtual Asset Service Providers.
China’s Overseas Listing Rules Reduce Regulatory Uncertainty.
China’s Regulatory Plans for Technology Companies and the Platform Economy in 2022.
Hong Kong to Roll Out E-Yuan Pilot This Month.
China arrests former deputy banking regulator on bribery charges.
Americas
State officials urge SEC to probe if Apple misled investors on nondisclosure rules.
US regulators should block costly fintech loans, advocates say.
Colombia's progress in strengthening measures to tackle money laundering and terrorist financing.
US Treasury targets NFTs for potential high-value art money laundering.
Head of U.S. derivatives regulator urges key crypto role for agency.
SEC Chair Gary Gensler wants to know more about what hedge funds and private equity are doing.
Two Arrested for Alleged Conspiracy to Launder $4.5 Billion in Stolen Cryptocurrency.
The SEC subpoenas Tesla over one of Elon Musk’s tweets again.
SEC Chairman Gary Gensler embarks on ambitious regulatory agenda. What it means for investors.
SEC again delays decision on Grayscale’s Bitcoin ETF.
SEC Proposed Changes to Two Whistleblower Program Rules.
EMEA
BaFin Warns Investors of Crypto Trading Advices on Social Media.
EU supervisors recommend action to tackle digital finance developments.
Swiss bank faces money-laundering trial over Bulgarian drug funds.
FCA warns banks of Russian cyber attacks as Ukraine tensions ripple through European finance.
London is a ‘magnet for dirty money’, says UK government’s anti-corruption tsar.
Meta threatens to pull the plug on Facebook and Instagram in Europe over data privacy dispute.
Arion House Live Jobs
Director, Portfolio Compliance Manager @ Hong Kong based Corporate
Director, Asia Anti-Fraud Lead @ Multinational Insurance Company
VP, Principle, Legal & Compliance @ U.S. based Private Equity Firm
VP, Senior Racing Security & Integrity Assurance Manager (Investigations) @ Hong Kong based Corporate
VP/Director, Head of Hong Kong Compliance @ Multinational Asset Manager
VP, PWM Compliance Manager, Deputy Head @ Multinational Investment Bank
Senior Consultant (Asset Management) @ Multinational Consultancy
Senior Consultant (Capital Markets) @ Multinational Consultancy
AVP/VP, Compliance Manager, Warrants @ Hong Kong Investment Bank
AVP, Compliance Testing @ European Investment Bank
Consultant @ Multinational Consultancy