Hong Kong

Crypto / Digital Assets

Hong Kong SFC to Permit Listing of Spot Crypto ETFs

By Manesh Samtani | 23/12/2023

HKEX welcomed the SFC’s move, saying it will enhance Hong Kong’s role as a leading digital asset hub across the region.

Hong Kong MPFA Calls for Action to Guard Against Fraud

By Sanday Chongo Kabange | 23/12/2023

The MPFA issued two circulars offering guidance to MPF intermediaries and MPF trustees on guarding against fraudlent activities.

Securities / Derivatives

SFC Updates Guidance to Streamline Approval Processes for Funds

By Editors | 23/12/2023

The streamlined measures will enhance the operational efficiency and approval processes of SFC-authorised funds.

Hong Kong Consults on Implementation of Global Minimum Tax

By Editors | 22/12/2023

Hong Kong intends to apply the global minimum effective tax rate of 15 percent on in-scope MNE groups starting from 2025 onwards.

Fintech / Regtech

HKMA Announces Launch Date for Bank Account Data Sharing Pilot

By Editors | 22/12/2023

The IADS pilot programme will commence on 1 January 2024 with the participation of 28 banks, covering deposit account information.

Enforcement

Swiss Bank Exec Pleads Guilty to ‘Singapore Solution’ Tax Evasion Scheme

By Ranamita Chakraborty | 22/12/2023

Rolf Schnellmann and co-conspirators helped to fraudulently conceal the bank accounts, assets, and income of US taxpayer-clients.

Market Infrastructure

HK AFRC to Start Inspections of Mainland Auditors of HK-Listed Entities

By Sanday Chongo Kabange | 22/12/2023

Under a partnership with Chinese authorities, the AFRC will start to inspect engagements involving audit working papers located on the Mainland.

Enforcement

ICAC Secures Guilty Pleas from Ex-StanChart Bankers Who Defrauded Investors

By Sanday Chongo Kabange | 21/12/2023

Two former Standard Chartered relationship managers pleaded guilty to conspiracy to defraud. Three other defendants will stand trial in July 2024.

HKMA Issues Guidance for Banks on Digital Marketing

By Sanday Chongo Kabange | 21/12/2023

Banks are asked to review their digital marketing activities for general banking products to ensure consumer protections are in place.