Gibson Dunn’s Post

Zipmex Faces Legal Trouble: Thailand SEC Suspends Digital Asset Exchange #antimoneylaundering #brokerageservices #compliance #cryptocurrencies #digitalassetbusinesses #digitalassetexchange #digitalassetexchanges. #digitalassettrading #emergencydecree #knowyourcustomerregulations #legaltroubles #licenseviolation #moneylaundering #regulatoryissues #regulatoryoversight #regulatoryrequirements #terroristfinancing #ThailandSEC #Zipmex

[𝗖𝗼𝗻𝘁𝗲𝗻𝘁 𝗨𝗽𝗱𝗮𝘁𝗲] We are excited to share new updates from our 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝗶𝗲𝘀 𝗟𝗮𝘄: 𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴 𝗦𝗔𝗥 𝗮𝗻𝗱 𝗣𝗲𝗼𝗽𝗹𝗲'𝘀 𝗥𝗲𝗽𝘂𝗯𝗹𝗶𝗰 𝗼𝗳 𝗖𝗵𝗶𝗻𝗮 series. Michael Szeto, Head of Employment at ONC Lawyers 柯伍陳律師事務所, is partnering with Litigation Associate Courtney So to deliver the essential securities law updates in Issue 70. 𝗧𝗵𝗲 𝗶𝘀𝘀𝘂𝗲 𝗰𝗼𝘃𝗲𝗿𝘀: 1. Major updates to the Codes on Takeovers and Mergers and Share Buy-backs. 2. Amendments to the Main Board Listing Rules, including a streamlined transfer mechanism for GEM issuers to the Main Board. 3. The Securities and Futures (OTC Derivative Transactions—Clearing and Record Keeping Obligations and Designation of Central Counterparties) (Amendment) Rules 2023, introducing changes to the clearing obligation for certain interest rate swap transactions. 4. Introduction of a new Type 13 regulated activity for providing depositary services for relevant collective investment schemes, effective from October 2, 2024. Contact us for the collection of Securities Law: Hong Kong SAR and People's Republic of China: https://buff.ly/45vWTpU #lexisnexishk #securitieslaw #ruleoflaw #looseleaf

Hong Kong Court Fines Individual For Operating Unlicensed Securities Advisory Business According to Foresight News, a Hong Kong court has ruled that an individual, identified only as Huang, was operating an unlicensed securities advisory business. The Eastern District Court in Hong Kong found that Huang had set up and managed a Telegram chat group called 'FRANKY - Live Market Broadcast Valley' from January 2, 2018, to May 21, 2019. The group, which was open to the public for paid subscriptions, provided daily commentary on the performance of the Hang Seng Index and various Hong Kong-listed securities. Huang also responded to subscribers' questions within the group. Huang admitted to the charge of operating a business providing advice on securities without a license and was fined HKD 10,000. In addition to the fine, Huang was also ordered to pay the costs of the Securities and Futures Commission's investigation. Despite being a licensed representative of the Hong Kong Securities and Futures Commission, Huang was only authorized to act on behalf of the company to which he was affiliated. The case serves as a reminder of the legal requirements for operating a securities advisory business in Hong Kong. #SEC #ETF #DeFi #Metaverse #crypto #compliance #news #virtualcurrency #law #USA #India  #Tokenization  Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. 

ComplianceOne Newsletter - June 2024 issue is out! https://lnkd.in/gmeRBrqV The topics discussed in this monthly newsletter are as follows: 1. HKEX to implement severe weather trading in securities and derivatives markets 2. SFC marks its 35-year history as the guardian of Hong Kong financial markets 3. SFC’s deficit nearly tripled to 298 million ending in March 2024 4. SFC enforcement report shows 175 completed cases in 2023-2024 5. SFC suspends PICC’s former licensed representative for seven months for failures in managing a private fund 6. WONG Ming Chung was convicted for providing investment advice on Telegram without a licence 7. SFC disciplined WU Chao for circumventing personal dealings #Compliance #ComplianceOne #HK #SFC #RegulatoryUpdate

Martin Mitchell summarises the following key compliance stories in our recent Compliance Updater, regulatory news in brief: - Technical glitch hits some share prices on NYSE. - StanChart facing allegations of sanction-busting transactions linked to Iran. - Two Dutch trading firms fined €4.7m by Italian regulator. - US SEC oversteps rule-making powers regarding private funds. - UK FCA set to approve IPO overhaul. - US extends its bank sanctions against Kremlin facilitators. - Hedge fund made $760k profit after call with banker. - Terraform Labs to pay $4.5bn penalty. - UBS offers to pay 90% of funds invested with Greensill. - Swiss regulator orders HSBC to review PEP dealings. - Trafigura settles for $55m with CFTC over alleged trading abuses. - FATF removes Turkey and Jamaica from its “grey list”. Read it here: https://lnkd.in/e8dF6K8n #ComplianceUpdater #ComplianceNews #FCA

Thai Regulator Instructs Digital Asset Service Providers to Always Operate Within the Confines of the Law

Please join Julia Charlton for a webinar on Proposed Licensing Regimes for Virtual Asset OTC Services and Stablecoin Issuers at 5:00pm – 6:00pm HKT on 30 September 2024. The webinar is accredited with 1 CPD point from The Law Society of Hong Kong. Register here: https://cutt.ly/TeUqGXEH #Webinar #VirtualAssets #Stablecoins #OTCServices #CPDPoints #HongKongLaw #RegulatoryFramework #FinancialRegulation #LegalEducation #JuliaCharlton

Digital assets and cryptocurrencies are still ripe for manipulation - even as their popularity and prevalence has skyrocketed in the last few years. Just like with traditional assets and budding markets, there is no shortage of bad actors willing to take advantage of the unprepared and unsuspecting. A regulatory framework will undoubtedly help but there is no substitute to competent and diligent counsel. Thanks ALM for the opportunity to comment! https://lnkd.in/eAFAUYgX

ComplianceOne Newsletter - July 2024 issue is out! https://lnkd.in/ggkUC_mH The topics discussed in this monthly newsletter are as follows: Consultation conclusions for legislative proposal to implement regulatory regime for stablecoin issuers in Hong Kong   Enduring strength of Hong Kong as leading international asset and wealth management hub, a SFC survey 2023   SFC is to launch new online application and submission system for investment products  Financial resources management and compliance with the Securities and Futures (Financial Resources) Rules   SFC sets clear timeline for implementing an uncertificated securities market in Hong Kong   HKMA takes disciplinary action against DBS Bank (Hong Kong) Limited for contraventions of the AML-CTF Ordinance   Hedge Fund manager ordered to disgorge HKD5.6 million illicit profits from false trading and disqualified for four years  #Compliance  #ComplianceOne  #HK  #SFC #RegulatoryUpdate