Hong Kong

Fintech / Regtech

HKMA Approves Three Virtual Banks, Five More Being Considered

By Editors | 27/03/2019

The three newly licenced virtual banks are joint ventures involving BOCHK, JD Digits, Jardines, Standard Chartered, HKT, PCCW, Ctrip, ZhongAn Online and Sinolink.

ESG / Sustainability

SFC’s Alder Speaks on “Greening the Financial System’

By Editors | 27/03/2019

The financial sector will have a critical role to play in channelling investment towards sustainable projects on a global scale, said SFC chief Ashley Alder at the Bloomberg BuySide Summit.

AML / KYC

HKEX Offers Listing Applicants Guidance on Sanctions Risk

By Stephen Peepels | 26/03/2019

International law firm Hogan Lovells says the HKEX guidance provides significant insight into how it will consider international trade and sanctions issues in the context of IPO transactions.

Big Picture

Hong Kong Consumers Willing to Share Personal Data – Accenture

By Editors | 25/03/2019

Although 60% of Hong Kong consumers say they are very cautious about data privacy, more than half are willing to share significant personal data for lower pricing on financial services.

Securities / Derivatives

SFC Orders Brokers to Freeze Client Assets in Market Manipulation Case

By Editors | 22/03/2019

The prohibition orders as part an investigation into suspicious trading which appeared to create a false market in China Ding Yi Feng shares leading to an “irrationally high share price”.

Market Infrastructure

BOCHK Launches Pilot Service for Mainland Account Opening

By Editors | 20/03/2019

BOCHK has been granted regulatory approval to launch a pilot scheme that enables Hong Kong citizens to open a personal bank account in the mainland, remotely.

Securities / Derivatives

SFC Extends Compliance Deadline for New Rules on Complex Products

By Editors | 20/03/2019

The SFC has extended the deadline for compliance with new rules requiring firms to ensure client suitability when selling complex products by two months.

Enforcement

SFC Fines BOCI Securities for ‘Systemic Deficiencies’ in Selling Practices

By Editors | 19/03/2019

BOCI Securities failed to comply with requirements relating to client profiling, product due diligence, and suitability assessment in its sale and distribution of investment products.

Enforcement

SFC Fines UBS and Others HK$787mn for IPO Sponsor Failures

By Manesh Samtani | 15/03/2019

“The sanctions send a strong and clear message to the market that we will not hesitate to hold errant sponsors accountable for their misconduct,” said SFC chief Ashley Alder.