Hong Kong

Capital / Liquidity

HKMA Asks Banks to Prepare Systems for Revised Leverage Ratio

By Editors | 15/07/2019

Both the revised leverage ratio treatment of client cleared derivatives and the revised disclosure requirements will come into effect in Hong Kong on 1 January 2022, in line with the BCBS timetable.

Enforcement

SFC Fines Celestial Commodities for Mishandling Client Money

By Editors | 10/07/2019

Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.

Securities / Derivatives

SFC Strengthens Protections for Client Assets Held by AIs

By Editors | 09/07/2019

Intermediaries and AIs must sign an acknowledgement letter making clear that assets held in designated client asset accounts are protected from recourse.

Securities / Derivatives

HKEX to Expand Closing Auction Session to All Equities, Funds

By Editors | 08/07/2019

The expansion will help improve trading liquidity at close, simplifying operations of market participants, and standardise closing times for equities.

Enforcement

SFC Warns Against Misconduct Involving Acquisitions, Disposals

By Editors | 06/07/2019

Directors of listed companies have a duty to exercise due and reasonable care, skill and diligence when evaluating or approving the acquisition or disposal of a company or business.

Enforcement

Goldman Banker Tim Leissner Banned for Life in Hong Kong

By Editors | 04/07/2019

Leissner’s conduct in relation to the Malaysian state fund 1MDB called into question his fitness and properness to be a licensed person, the SFC said.

Enforcement

Hong Kong Hedge Fund Penalised by CFTC, CME

By Editors | 04/07/2019

Elephas Investment Management was found to have violated wheat futures speculative position limits established by the CFTC.

Enforcement

SFC Gains Access to Mainland Audit Papers for Investigations

By Editors | 04/07/2019

The MOF and CSRC agree to provide the “fullest assistance” in response to SFC requests for investigative assistance regarding the provision of audit working papers.

Market Infrastructure

Hong Kong ‘Greenness’ Assessment Framework for Banks by Year-End

By Manesh Samtani | 02/07/2019

The framework will comprise guiding principles and possible metrics for the greenness assessments, drawing from industry feedback and the HKMA’s participation in the NGFS.