Hong Kong

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    Enforcement

    SFC Fines Brokerage for Breaching Financial Resources Rules

    By Mark Johnston | 19/12/2023

    Central Wealth Securities Investment made various accounting and calculation errors in its financial returns and had a liquid capital deficit for eight months.

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    AML / KYC

    HKMA Fines SVF Licensee TNG for AML Compliance Failures

    By Sanday Chongo Kabange | 19/12/2023

    The HKMA said TNG had no audit trail from MLRO reviews and did not take appropriate steps to assess whether STRs should be filed.

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    Market Infrastructure

    HKMA Proposes Updated Guidance to Address Banking Sector Talent Gaps

    By Manesh Samtani | 19/12/2023

    The revised guidance includes new expectations on manpower planning and staff training to ensure banks can fill their talent gaps.

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    Securities / Derivatives

    HKEX: GEM Reforms to Take Effect from 1 January 2024

    By Editors | 17/12/2023

    The reforms will enable enterprises to more easily list on GEM, reduce the burden of continuing obligations, and streamline the process for transfers to the Main Board.

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    Capital / Liquidity

    HKMA Sets Expectations on Managing Risk, IRRBB, Liquidity

    By Manesh Samtani | 17/12/2023

    Banks should establish social media monitoring frameworks, develop plans to respond to negative publicity, and limit how much HTM securities are held as HQLA.

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    HKEX Appoints Bonnie Chan to be Next Chief Executive

    By Editors | 17/12/2023

    HKEX Head of Listing and Co-Chief Operating Officer will take over as CEO from Nicolas Aguzin on 24 May 2024.

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    AML / KYC

    HK Amends National Security Law to Facilitate Asset Freezes

    By Editors | 15/12/2023

    The national security law has been amended to allow assets to be frozen “until the conclusion of the proceedings” such as criminal prosecutions.

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    Mainland Officials Meet With HK Bankers to Discuss Challenges

    By Mark Johnston | 15/12/2023

    Officials met with Hong Kong bankers this week to seek their views on improving the city’s competitiveness.

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    Fintech / Regtech

    China, Hong Kong Streamline Personal Data Sharing Across GBA

    By Manesh Samtani | 14/12/2023

    A standard contract will be piloted this month to allow personal data to be transferred within the GBA in a safe and orderly manner.

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    Enforcement

    SFC Bans Ex Employee of OCBC Wing Hang Bank

    By Sanday Chongo Kabange | 13/12/2023

    The employee was earlier convicted for offering a colleague a bribe to refer mortgage refinancing clients to an external party.

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