Hong Kong

Enforcement

SFC Fines Ewarton Securities Over Staff Trading Controls

By Manesh Samtani | 27/05/2021

A lack of internal controls resulted in Ewarton’s failure to detect and prevent unauthorised or improper activities by a licensed representative.

Sanctions

Hong Kong Considers Replacing State Street as TraHK Manager

By Editors | 26/05/2021

Officials reportedly commissioned an independent study to review State Street’s role in managing Hong Kong’s Tracker Fund.

AML / KYC

HKMA Urges Banks to Use iAM Smart in Remote Onboarding

By Manesh Samtani | 25/05/2021

The HKMA clarifies that when iAM Smart is used for identity verification, record keeping requirements may be met by retaining data obtained via API.

AML / KYC

Hong Kong to Bar Retail Investors from Crypto Trading

By Manesh Samtani | 24/05/2021

Hong Kong’s FSTB has issued consultation conclusions on the new licensing regime for VASPs and a new registration regime for precious metals dealers.

Enforcement

HKEX Finalises Rule Changes to Enhance Market Quality

By Manesh Samtani | 21/05/2021

HKEX will increase the profit requirement to HKD 80 million in combined profits over the three years. Proposals to enhance its disciplinary powers and sanctions will also be adopted.

Enforcement

SFC to Investigate, Punish Misconduct in ‘Problematic’ IPOs

By Manesh Samtani | 20/05/2021

In a joint statement with the stock exchange, the SFC says it will not hesitate to take enforcement action against intermediaries for IPO-related misconduct.

Market Infrastructure

HKMA Instructs Banks to Assess Need for Tertiary Data Backup

By Manesh Samtani | 18/05/2021

Banks are asked to critically assess the need to set up a secure tertiary data backup to guard against destructive cyber attacks.

AML / KYC

Former Manager of Sun Life HK Charged for Money Laundering

By Editors | 18/05/2021

The ICAC alleges that the former senior unit manager of Sun Life Hong Kong dealt with crime proceeds totalling over HKD 640,000.

Market Infrastructure

China & HK Agree Cross-border Insolvency Framework

By Manesh Samtani | 18/05/2021

Hong Kong courts and Chinese courts in pilot cities will be able to recognise insolvency, bankruptcy and restructuring proceedings under each other’s laws.