Hong Kong

Securities / Derivatives

HK Bourse Proposes to Suspend Firms with Disclaimer, Adverse Audit Opinions

By Editors | 02/10/2018

A trading suspension would be imposed if a listed company’s auditor has issued a disclaimer or adverse opinion on the company’s financial statements.

AML / KYC

HKMA Outlines Regtech Initiatives – Speech

By Manesh Samtani | 28/09/2018

The HKMA is looking to build a more diversified regtech ecosystem in Hong Kong and urges for greater collaboration between the banking industry and technology community.

Securities / Derivatives

US SEC Cautions Against Governance Risks from Dual Class Shares – Report

By Manesh Samtani | 26/09/2018

SEC commissioner Robert Jackson Jr reportedly urged Singapore and Hong Kong to maintain close oversight over companies with dual class share structures to mitigate against corporate governance risks.

ESG / Sustainability

Hong Kong Lays Out Road Map for Green Finance Development

By Garima Chitkara | 24/09/2018

The SFC will require better environmental and climate risk disclosures by listed companies and asset managers, and will work with HKEX to promote green financial products.

Enforcement

SFC Fines Huatai Financial for Naked Short Selling

By Editors | 19/09/2018

Huatai Financial’s unintentional short sale of Great Wall Motor bonus shares in 2015 was as a result of inadequate systems and internal controls.

Market Infrastructure

HKMA Launches Faster Payment System, Common QR Code

By Manesh Samtani | 18/09/2018

New payment system connects banks and stored-value facility operators to enable instant payments in Hong Kong dollar and renminbi.

AML / KYC

Hong Kong FIs Share Foreign Tax Resident Data with IRD – Report

By Editors | 12/09/2018

Over 1,700 financial institutions have shared customer account balances and income details with the tax authority, as required by AEOI.

Capital / Liquidity

SFC Proposal to Restrict Margin Lending Threatens Brokers’ Survival – Report

By Garima Chitkara | 11/09/2018

LegCo member Christopher Cheung met with SFC chairman Carlson Tong to represent broker concerns on potential margin lending restrictions.

Enforcement

HKMA Endorses Benefits of Cooperation

By Will Hallatt | 07/09/2018

The HKMA’s guidance note expressly signals its desire to encourage and facilitate cooperation in investigations and enforcement proceedings, noting time, cost and resource savings for the regulator and institutions or individuals concerned.