By: Andrew C. Glass, Gregory N. Blase, and Joshua L. Durham
On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) published a Notice of Proposed Rulemaking (NPRM) to ban the inclusion of medical bills in consumer credit reports.
Read MoreBy: Daniel Knight and Ben Kneebush
On 4 June 2024, the latest chapter in ASIC’s crypto-asset enforcement efforts unfolded with the Federal Court relieving Block Earner from liability to pay penalties in connection with providing unlicensed financial services (ASIC’s media release can be found here).
Read MoreBy: Daniel Knight and Kithmin Ranamukhaarachchi
The Australian Attorney-General’s Department (Department) has released five consultation papers outlining proposals for extensive reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
Read MoreBy: Daniel Knight and Kithmin Ranamukhaarachchi
The Australian Attorney-General’s Department (Department) has released five papers outlining proposals for extensive reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
Read MoreBy: Jeremy McLaughlin and Chelsie Rimel
The Consumer Financial Protection Bureau (CFPB or Bureau) released a new report spotlighting common consumer complaints for credit card rewards programs. The Bureau and its Director, Rohit Chopra, have been focused on payments oversight, including by proposing a rule last Fall that would apply to nonbank entities that provide digital wallets. The new report discusses the relationship between consumers and the providers of reward programs, and it stresses the need for fairness and transparency.
Read MoreBy: Jay Lee and Anson Chan
Earlier this year, the US Securities and Exchange Commission approved 11 spot Bitcoin ETFs. In Hong Kong, in view of rapid developments of virtual asset (VA) products and growing investment products offering exposure to VAs, the Securities and Futures Commission (SFC) issued a circular, on 22 December 2023, detailing requirements for investment funds with exposure of more than 10% of net asset value (NAV) to VA seeking authorization for public offerings in Hong Kong (Circular).
Read MoreBy: Jay Lee and Beatrice Wun
In our previous blog, we discussed the Hong Kong Securities and Futures Commission (SFC)’s position on the taxonomy of tokenized securities and digital securities, and whether tokenized securities will be regarded as “complex products”. In this blog, we explore the guidance set forth in the SFC’s circular on intermediaries engaging in tokenized securities-related activities (the Circular).
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