Hong Kong

    AML / KYC

    Hong Kong AML/CFT Regime Under FATF Spotlight

    By Ralph Cunningham | 24/06/2019

    The report on the APG-FATF joint assessment is expected to be published in September, and show that Hong Kong still has some work to do.

    Market Infrastructure

    ASIFMA Standardises Underwriter Documentation for Hong Kong IPOs

    By Manesh Samtani | 24/06/2019

    The initiative will promote efficiency and reduce costs and legal risks by offering standardised forms for agreements among underwriters and between underwriting syndicates.

    Enforcement

    Hong Kong SFC Releases 2018-19 Annual Report

    By Editors | 24/06/2019

    The SFC is working to introduce an investor identification regime for southbound Stock Connect trading in mid-2019, and considering adopting a market-wide circuit breaker mechanism.

    Enforcement

    Shanghai Court Jails Former UBS Banker for Insider Trading

    By Editors | 24/06/2019

    The banker disclosed deal information to two associates in 2017, allowing them to profit from inside information related to Cosco Shipping’s acquisition of Orient Overseas.

    Enforcement

    SFC Fines Credit Suisse $2.8m over Research Reports

    By Editors | 20/06/2019

    Credit Suisse has been fined $2.8m for failing to disclose investment banking relationships and market making activities in research reports on Hong Kong-listed securities.

    Fintech / Regtech

    HSBC Scraps Fees Ahead of Virtual Bank Launches

    By Manesh Samtani | 20/06/2019

    HSBC will remove below-balance, counter transaction and annual fees for most personal savings accounts as it braces for incoming competition from newly approved virtual banks.

    Securities / Derivatives

    Complex Group Arrangements Compound Margin Financing Risks: SFC

    By Manesh Samtani | 19/06/2019

    Deputy chief Julia Leung says the SFC is concerned that brokers are using complex trading arrangements to circumvent regulatory oversight, among other supervisory priorities.

    Securities / Derivatives

    HKEX Announces Launch of First Active ETF

    By Editors | 19/06/2019

    The introduction of active ETFs in Hong Kong is another step towards HKEX’s goal of becoming a hub for the issuance and trading of ETFs.

    Securities / Derivatives

    SFC Warns FX Brokers Against Servicing Mainland Clients

    By Editors | 18/06/2019

    Licensed corporations and their controlling entities are asked to review the legality of the services they offer, and immediately discontinue “unauthorised or illicit activities”.

    AML / KYC

    HK Banks Asked to Enhance Customer Interface of Account Opening

    By Manesh Samtani | 18/06/2019

    The HKMA has published the findings of its mystery shopper programme, which set out to assess customer interface aspects of bank account opening for SMEs and ethnic minorities.

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