Hong Kong

Almost $3b Locked Up in Hong Kong MPF Accounts

By Editors | 14/04/2023

Advocacy group Hong Kong Watch estimates 96,000 people are being prevented from access their MPF funds after they moved to the UK with BNO passports.

Crypto / Digital Assets

Hong Kong Doubles Down on Pledge to Develop Web3

By Editors | 13/04/2023

Financial Secretary Paul Chan said crypto market volatility provides an opportunity for Web3 development. SFC official said DeFi platforms require licensing.

Enforcement

SFC Fines Ninety One HK Unit for Unlicensed Futures Dealing

By Editors | 12/04/2023

Ninety One did not have a Type 2 (dealing in futures contracts) licence, believing it could rely on SFO exemptions to deal in futures contracts.

AML / KYC

Hong Kong Announces New Measures to Combat Phone Scams

By Editors | 12/04/2023

Implementation of an “SMS sender name” registration system will begin in the banking industry by the end of this year.

Capital / Liquidity

Hong Kong to Introduce Risk-based Capital Regime for Insurers

By Editors | 11/04/2023

An amendment bill was gazetted that will make capital requirements for insurance companies more sensitive to their asset and liability matching, risk profile and mix of products.

Market Infrastructure

Final Rules for Swap Connect Agreed by Authorities – Report

By Manesh Samtani | 10/04/2023

Swap Connect could start trading by June if not sooner. Mainland treasury bond futures may also become accessible from Hong Kong.

AML / KYC

UPDATED – HK Police Charge 10 Suspects for Ramp-and-Dump Activities

By Editors | 06/04/2023

Four of the individuals are alleged to have conspired with some of the individuals who were charged last September to use nominee accounts to corner the shares of two target stocks.

AML / KYC

ICAC Concludes First Training Day for Banks on Corruption Risk

By Sanday Chongo Kabange | 05/04/2023

Acting ICAC Commissioner Ricky Yau said the training programme is aimed at enhancing banking sector standards on preventing corruption risk.

Securities / Derivatives

SFC Offers Guidance on Managing Risk in Trading Activities

By Manesh Samtani | 04/04/2023

The guidance covers operational risk management, remote booking risk management, and data risk management, based on a thematic review.