Hong Kong

Enforcement

UBS to Pay HK$600m in Fines and Compensation for Overcharging Clients

By Editors | 12/11/2019

The SFC reprimanded and fined UBS for overcharging clients over a ten-year period, affecting 5,000 Hong Kong-managed client accounts in over 28,000 transactions.

Enforcement

Former HKTV Staff Member Jailed for Insider Dealing

By Editors | 09/11/2019

HKTV’s former senior regulatory affairs manager made over HK$160,000 in profit from trading on insider information in December 2013.

Enforcement

SFC Bans Former HSBC Relationship Manager for One Year

By Editors | 07/11/2019

The former relationship manager used incomplete application forms pre-signed by the client to effect unit trust transactions without specific authorisation.

Big Picture

Fintech Week: HKMA Announces New Fintech Initiatives

By Manesh Samtani | 07/11/2019

As part of an ecosystem approach to fintech development, HKMA chief Eddie Yue wants to work with FIs, end users and technology firms to drive innovation in financial services.

Market Infrastructure

China, Hong Kong to Establish Wealth Management Connect Scheme

By Editors | 07/11/2019

The scheme will enable residents of Hong Kong and other GBA cities to invest in wealth management products in each other’s market through their respective banking systems.

AML / KYC

SFC Unveils Regulatory Framework for Crypto Exchanges

By Manesh Samtani | 07/11/2019

Under the new framework, announced at Hong Kong Fintech Week, platform operators that offer trading in virtual assets classified as securities may seek Type 1 and Type 7 licences from the SFC.

Fintech / Regtech

FTAHK, AFIN Agree to Collaborate to Support API Exchange

By Editors | 07/11/2019

AFIN and FTAHK will collaborate on initiatives to support the development of financial innovations on APIX, an online marketplace and sandbox for cross-border fintech services.

Fintech / Regtech

HKMA Emphasises Consumer Protection in Big Data Analytics, AI Use

By Editors | 06/11/2019

New HKMA guidance for banks using big data analytics and AI applications focuses on four major areas: governance and accountability; fairness; transparency and disclosure; and data privacy and protection.

Enforcement

China Forestry Liquidators File Lawsuit Against Pre-IPO Auditor

By Editors | 05/11/2019

The plaintiffs allege that KPMG “negligently failed to identify that they were the victims of a serious and pervasive false accounting by former members of executive management.”