Hong Kong

Enforcement

Hong Kong IA Bans Ex-StanChart Agent for Six Months

By Editors | 16/08/2023

The agent doctored a DDA form because the client’s signature was missing on one page. The SFC previously disciplined the same individual.

Capital / Liquidity

HKEX, Banks Working to Enhance Market Attractiveness – Report

By Manesh Samtani | 16/08/2023

Measures discussed include scaling back the stamp duty, and introducing cross margin arrangements to lower margin financing costs.

Fintech / Regtech

HKMA Asks Banks to Participate in New Data Sharing Initiative

By Editors | 15/08/2023

The Interbank Account Data Sharing Initiative will enable banks to share bank account data with other banks, subject to customer consent.

AML / KYC

HKMA Fines EFG Bank Over AML Control Deficiencies

By Editors | 15/08/2023

The bank failed to complete identity verification for customers that were transferred in from another FI and had other issues related to CDD and ongoing monitoring.

Crypto / Digital Assets

SFC Grants ‘Approval In-Principle’ to HKVAX for Virtual Asset Trading

By Editors | 14/08/2023

Hong Kong’s SFC grants “in-principle” approval to HKVAX, the first given since the VATP licences granted to HashKey and OSL earlier this month.

Enforcement

SFC, CSRC Agree to Allow Block Trading on Stock Connect

By Editors | 14/08/2023

Block trading will enhance price discovery and encourage more overseas investors to participate in the A-share market through Stock Connect, said the SFC’s Julia Leung.

Enforcement

SFC to Gain Powers to Tackle Insider Dealing with Cross-Border Element

By Manesh Samtani | 08/08/2023

The SFC will be better able to address insider dealing perpetrated in Hong Kong involving overseas-listed securities, and insider dealing perpetrated overseas involving HK-listed securities.

ESG / Sustainability

Hong Kong to Develop Roadmap for ISSB Standards Adoption

By Editors | 08/08/2023

A special working group will be established to work on the roadmap and make recommendations to the Green and Sustainable Finance Cross-Agency Steering Group.

Crypto / Digital Assets

SFC Warns of ‘Improper Practices’ by Unlicensed Crypto Exchanges

By Manesh Samtani | 08/08/2023

Some crypto exchanges have misled investors by falsely claiming they have applied for licences when in fact they have not.