Hong Kong

Fintech / Regtech

HKMA Invites Tenders to Facilitate Regtech Adoption in Banking

By Editors | 17/02/2020

The HKMA is inviting tenders for the provision of professional services to help it facilitate the adoption of regtech by the banking industry.

Enforcement

HK SFC Fines Wealth Manager for Noncompliance with Taiwan Laws

By Editors | 17/02/2020

Capital Global Management Limited was distributing offshore investment funds and offering investment advice in Taiwan despite not being authorised by Taiwan’s regulator.

Capital / Liquidity

HKMA Convenes Special Teleconference on SME, Personal Lending

By Editors | 14/02/2020

The Banking Sector SME Lending Coordination Mechanism discussed ways to extend greater support to SME and retail customers, in light of the Covid-19 threat to cashflows.

Capital / Liquidity

HKMA Vows to Preserve Stability Amid Covid-19 Threat

By Editors | 13/02/2020

HKMA chief Eddie Yue indicated a willingness to be flexible towards banks facing difficulties in meeting regulatory requirements.

Securities / Derivatives

HK Accountants Body Calls for Blanket Extension to Results Deadline

By Editors | 12/02/2020

The SFC-HKEX decision to allow the publication of unaudited results on a case-by-case basis has “not yet fully addressed the concerns of the accounting industry”.

Securities / Derivatives

Alibaba May Be Excluded from HK-China Stock Connect – Report

By Editors | 12/02/2020

A decision has not yet been made to revise a previous arrangement that excludes companies with secondary listings and weighted voting rights from Stock Connect.

Market Infrastructure

Hong Kong Considers Reforms to Data Privacy Laws

By Editors | 12/02/2020

Key recommendations include higher penalties for breaches, mandatory data breach notifications, and a requirement for clear personal data retention policies.

AML / KYC

SFC Fines BMI Securities, Suspends RO for AML Breaches

By Editors | 11/02/2020

The SFC has fined BMI Securities HK$3.7mn and suspended one of its responsible officers for failures to comply with AML/CFT obligations.

HSBC Provides Relief to Customers Impacted by Outbreak

By Editors | 10/02/2020

HSBC becomes the latest Hong Kong bank to announce relief measures for business owners impacted by the novel coronavirus and its effects on the economy.