Hong Kong

ZA Bank Announces Launch as Hong Kong’s First Virtual Bank

By Editors | 25/03/2020

ZA Bank – backed by mainland insurer ZhongAn Online P&C Insurance and Sinolink Group – won one of the first approvals to set up a virtual bank in March last year.

Enforcement

ICAC Charges Ex-HKEX Official for Bribery, Misconduct

By Editors | 25/03/2020

A former joint-head of HKEX’s IPO Vetting Team has been charged over HK$9.15mn in bribes and misconduct in public office between June 2017 and April 2019.

Enforcement

SFC Imposes Lifetime Ban on Former China Pacific Securities Broker

By Editors | 24/03/2020

The former broker was convicted and jailed in December 2018 for stealing over HK$110mn in shares from China Pacific’s clients over a seven-year period.

Market Infrastructure

Hong Kong Introduces Legislation to Enhance Regulatory Framework for Insurers

By Editors | 23/03/2020

The bills provide a regulatory regime for insurance-linked securities, expand the scope of insurable risks of captive insurers, and empower the IA to regulate insurers at the group level.

Capital / Liquidity

HK, Singapore, Indonesia Assessed as NSFR, LEX Compliant

By Editors | 22/03/2020

Hong Kong, Singapore and Indonesia were assessed as compliant with global standards for the net stable funding ratio and large exposures framework.

Securities / Derivatives

HKEX to Introduce Master SPSA Service for Fund Managers

By Editors | 18/03/2020

The new service allows pre-trade checking of China A shares for northbound trading at the fund manager level rather than at the individual fund level.

Securities / Derivatives

Hong Kong to Allow 60 Days Grace for Publishing Annual Reports

By Editors | 16/03/2020

Listed issuers may defer annual report publication for 60 days if they have published their preliminary results, management accounts or specified material financial information before 31 March.

Capital / Liquidity

HKMA Responds to Fed Rate Cut, Reduces CCyB

By Editors | 16/03/2020

The base rate is being adjusted downwards to 0.86%, while the countercyclical capital buffer is being reduced from 2.0% to 1.0% to bolster lending.

Enforcement

SFC Considers Easing Data Storage Rules – Report

By Editors | 11/03/2020

Industry bodies are reportedly working with the SFC to clarify the rules and make compliance easier, though it is unclear what specific steps it will take to ease the requirements.