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Fintech / Regtech
HKMA Publishes Report on AI Adoption by Hong Kong Banks
By Manesh Samtani | 24/12/2019
The lack of employees with AI expertise was cited by 70% of respondents as the top barrier to AI adoption, according to a survey.
Enforcement
SFC Fines Adamas Asset Management for Disclosure Failings
By Editors | 24/12/2019
The asset manager was fined HK$2.5mn for filing 339 incorrect or late notifiable interest disclosures to the SEHK and eight listed companies.
AML / KYC
SFC Proposes Enhancements to OFC Regime
By Editors | 23/12/2019
The changes include a mechanism for overseas corporate funds looking to re-domicile in Hong Kong. OFCs will also have to keep a register of beneficial shareholders.
AML / KYC
SFC, CSRC Set Date for Southbound Investor Identification Regime
By Editors | 20/12/2019
With technical preparations now complete at exchanges and clearinghouses, southbound trading investor identification regime is scheduled for implementation on 13 January.
Capital / Liquidity
HKMA Rebuts BOE Claim of Hong Kong Fund Outflows
By Manesh Samtani | 19/12/2019
The BOE said in its biannual Financial Stability Report that $5bn has left Hong Kong since April, but the HKMA says the figure does not represent outflows from the city’s banking system.
Fintech / Regtech
UPDATED – ZA Bank Becomes First HK Virtual Bank to Launch Pilot Services
By Editors | 19/12/2019
ZA Bank, backed by ZhongAn and Sinolink Group, has launched services for 2,000 selected users to test under the HKMA’s sandbox mechanism.
Securities / Derivatives
HKEX to Include Climate Risk Disclosures in ESG Framework
By Manesh Samtani | 19/12/2019
Listed companies will have to disclose climate-related issues on a ‘comply or explain’ basis, HKEX said in its conclusions from a May consultation to update its ESG reporting framework
Securities / Derivatives
SFC Concludes Consultation on OTC Derivatives Margin Requirements
By Manesh Samtani | 19/12/2019
IM requirements will be phased in for firms with AANA exceeding HK$375bn starting from 1 September 2020, the same date VM requirements take effect.
AML / KYC
ICAC Charges Two in Bribery Scheme to Circumvent China Capital Controls
By Editors | 19/12/2019
A former CITIC branch manager accepted over HK$1mn in commissions for referring 6 bank clients to a money exchange company to remit money from the Mainland to Hong Kong.
Capital / Liquidity
HKMA Moderates Approach to Implementing Market Risk Framework
By Editors | 18/12/2019
The HKMA says it will finalise Hong Kong’s timeline when there is more clarity on the implementation status in other major jurisdictions.
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