Hong Kong

Enforcement

SFC Fines Changjiang Corporate Finance for Sponsor Failures

By Editors | 21/08/2023

The company is prohibited from acting as a sponsor for listing applications in Hong Kong for one year, potentially longer if deficiencies are not addressed.

Enforcement

Hong Kong Court Jails Three Former DBS Bankers

By Editors | 20/08/2023

The DBS employees were convicted for divulging confidential information of over 680 customers to others for touting personal loans.

Capital / Liquidity

HKMA, AFRC Sign MoU to Strengthen Cooperative Arrangements

By Editors | 17/08/2023

Collaboration will strengthen through case referrals, mutual assistance, capacity building and exchange of information.

Market Infrastructure

Wealth Connect Hindered by ‘Narrow Range of Products’

By Editors | 16/08/2023

Market participants are looking for regulators to extend the Wealth Management Connect scheme to more products and well as widen its sales channels.

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.