Hong Kong

SFC identifies irregularities in private funds and discretionary accounts. The SFC announced that it has issued a circular expressing its concerns about the management of some private funds and discretionary accounts. (7/31/2017)

Singapore MAS clarifies regulatory position on the offer of digital tokens in Singapore. The MAS clarified that the offer or issue of digital tokens in Singapore will be regulated by it if the digital tokens constitute products regulated under the SFA. (8/1/2017)

Australia ASIC warns customers about scam emails. ASIC warned its Registry customers to be vigilant of scam emails purporting to be from ASIC. (8/7/2017)

ASIC targets unlicensed binary option mobile apps. ASIC announced that, in March 2017, it conducted a review of various mobile app stores focusing on apps associated with binary options trading. The review highlighted over 330 apps that were offered to Australians by entities and individuals that appeared to be unlicensed. 63 percent were offered by binary option issuers and facilitated trading, 25 percent were from various signal providers and the rest were controlled by introducing brokers or were apps designed to influence people to trade binary options. (8/1/2017)

Banks to overhaul consumer credit insurance sales processes. ASIC announced that it has brought together representatives from the banking industry and consumer advocates to improve outcomes for consumer credit insurance, with the establishment of a Consumer Credit Insurance Working Group. (8/1/2017)

Abu Dhabi and Australia seal agreement on fintech cooperation. ASIC announced that it, together with the Abu Dhabi Global Market Financial Services Regulatory Authority, signed a Cooperation Agreement that provides a framework for cooperation to support and understand financial innovation in each jurisdiction. (7/26/2017)