Hong Kong

Market Infrastructure

HK, India Sign Tax Pact

By Editors | 22/03/2018

Hong Kong investors will pay half the normal withholding tax rate on the interest earned on their investments in India.

Enforcement

Deutsche Fined, Censured for HK Regulatory Breaches

By Samuel Riding | 15/03/2018

Securities regulator says fine would have been much higher were it not for self-reporting of breaches, cooperation in inquiry and ‘remedial measures’.

Enforcement

CLSA Fined $1.15mn for Internal Control Failures – SFC

By Manesh Samtani | 15/03/2018

The firm failed to put in place controls to prevent co-mingling of agency execution and client facilitation services.

Capital / Liquidity

Hong Kong at High Risk of Debt-driven Crisis – BIS

By Samuel Riding | 14/03/2018

Report shows Hong Kong has biggest credit-GDP gap and the highest debt service ratio among 9 APAC economies.

Capital / Liquidity

Basel Committee Publishes Follow-up Reports on Basel III Implementation

By Manesh Samtani | 13/03/2018

The Committee also published an assessment handbook and self-assessment questionnaire to help member jurisdictions prepare for future RCAP assessments.

Enforcement

UPDATED – SFC Hits UBS with Fine, IPO Underwriting Suspension

By Manesh Samtani | 12/03/2018

The bank was fined $15.2mn and intends to appeal its 18-month suspension from IPO underwriting; possible disciplinary action on eight other firms.

Capital / Liquidity

FSB Publishes Hong Kong Peer Review

By Manesh Samtani | 03/03/2018

Completion of reform implementation and greater transparency needed for OTC derivatives market; resolution framework can be improved.

AML / KYC

Why Hong Kong’s New Trust Rules Won’t Boost AML/CTF Efforts

By Bradley Maclean | 01/03/2018

Rather than comply with new rules on beneficial owner registration and due diligence, many trusts are likely to simply leave Hong Kong for less onerous jurisdictions.

Fintech / Regtech

Hong Kong’s Fintech Sandbox Risks Alienating Innovators

By Manesh Samtani | 28/02/2018

HKMA financial technology sandbox needs to evolve to maximise value for all concerned, a new study suggests.