Hong Kong

    Enforcement

    Hong Kong: Ex-Dah Sing Bank Manager Jailed for Fraud

    By Sanday Chongo Kabange | 16/06/2021

    The former financial planning manager told a client he was required to buy an insurance policy before he could open a corporate bank account.

    Market Infrastructure

    Hong Kong Needs New Cybersecurity Legislation: FSDC

    By Manesh Samtani | 16/06/2021

    The FSDC recommends the development of legislation to provide legal certainty and protection, clarity on cross-border data transfers, and a framework for accountability.

    Securities / Derivatives

    Hong Kong Enacts Framework for Uncertificated Securities Market

    By Editors | 13/06/2021

    The SFC will consult the market on the subsidiary legislation in due course to prescribe the detailed rules and implementation timetable.

    Capital / Liquidity

    HKMA Defers Implementation of Basel III Capital Standards

    By Editors | 11/06/2021

    Banks have an additional six months to implement the revised frameworks on credit risk, operational risk, output floor and leverage ratio. The market risk and CVA risk frameworks are also deferred.

    Enforcement

    SFC Suspends GEO Securities Executive for 7.2 Months

    By Sanday Chongo Kabange | 11/06/2021

    GEO’s breaches were attributable to Lun Sheung Nim’s failure to discharge his duties as a responsible officer and member of the senior management.

    Capital / Liquidity

    IMF Reaffirms Hong Kong Stability, Identifies Pockets of Risk

    By Manesh Samtani | 10/06/2021

    The IMF recommends enhancing monitoring of lending to Mainland China, increasing oversight over banking groups, and regulating mortgage lending by non-banks.

    Fintech / Regtech

    HKMA Announces New Fintech Development Strategy

    By Editors | 09/06/2021

    The “Fintech 2025” strategy seeks the comprehensive adoption of technology in the financial sector by 2025 through a focus on five key areas.

    Securities / Derivatives

    HKEX, FRC to Strengthen Collaboration on Financial Reporting Quality

    By Editors | 09/06/2021

    A new MOU establishes a collaborative framework which will ultimately provide better investor protection through high quality financial reporting.

    ESG / Sustainability

    SFC Raises Supervisory Focus on Fund Manager Resilience

    By Manesh Samtani | 08/06/2021

    The SFC is on the lookout for funds with outsized and concentrated bets to prevent an Archegos-type event in Hong Kong.

    Enforcement

    Hong Kong: Appeals Tribunal Overturns Ban Against UBS Banker

    By Editors | 07/06/2021

    The SFAT concluded that the former UBS banker cannot be held personally responsible for the failings of the China Metal Recycling transaction team.

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