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Hong Kong
Capital / Liquidity
Hong Kong Proposes to Raise Bank Deposit Protection
By Sanday Chongo Kabange | 14/07/2023
The Deposit Protection Board proposes to raise the bank deposit protection limit from HK$500,000 to HK$800,000.
Enforcement
SFC, AFRC to Jointly Target Misconduct By Listed Issuers
By Sanday Chongo Kabange | 14/07/2023
The SFC and AFRC will work together to address misconduct involving dubious loans issued by listed companies to third parties.
Enforcement
SFC Fines Fund Manager for Failing to Segregate Client Funds
By Sanday Chongo Kabange | 14/07/2023
The fund manager also issued inaccurate statements of accounts and failed to provide statements of accounts to clients within the prescribed time limit.
Big Picture
HKIMR Report Urges Focus on Financial Inclusion and Sustainable Innovation
By Editors | 13/07/2023
The report highlights the need for continuous investments in human capital and skills development to foster innovation.
HK Privacy Commissioner Issues Guidance on Data Breach Handling
By Editors | 13/07/2023
The guidance emphasises the need for organisations to develop comprehensive data breach response and post-incident action plans.
Hong Kong Enacts Amendments to Facilitate Electronic Submissions to Official Receiver
By Editors | 12/07/2023
The focus of the amendments is to facilitate the electronic submission of specific documents to the Official Receiver, allow for electronic proxies, and introduce other improvements.
Capital / Liquidity
HKMA Announces Orderly Exit from Loan Holiday Scheme
By Editors | 12/07/2023
The Pre-approved Principal Payment Holiday Scheme has “fulfilled its purpose and an orderly exit should commence”.
Securities / Derivatives
Hong Kong SFC Bans Former RaffAello Officer over IPO Sponsor Failures
By Ranamita Chakraborty | 12/07/2023
The Securities and Futures Commission (SFC) found that a former responsible officer and sponsor principal at a financial advisory firm had “failed to exercise due skill, care and diligence” in handling a listing application.
Securities / Derivatives
PCAOB Commences New Round of Audit Inspections in Hong Kong
By Editors | 11/07/2023
The PCAOB is reviewing audit reports of about a dozen New York-listed Chinese companies – all clients of PwC, EY and Deloitte.
AML / KYC
US Treasury Asks Hong Kong FIs to Help Prevent Export Control Evasion
By Editors | 11/07/2023
Treasury officials reportedly asked banks to help identify certain high-tech items being shipped to Russia via Hong Kong.
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