Hong Kong

Enforcement

HK SFC Sees Surge in Criminal Prosecutions

By Samuel Riding | 25/02/2018

Criminal charges laid by securities regulator nearly tripled in last nine months of 2018, although investigations started and concluded declined.

AML / KYC

Border Cash Declarations Won’t Halt HK Money Laundering

By Peter Guy | 19/02/2018

For the first time, visitors to Hong Kong will soon have to declare cash they bring in. But money laundering will continue to flourish.

Securities / Derivatives

SFC Raises Standards for Client Facilitation Trades

By Editors | 17/02/2018

Client facilitation traders must be segregated from agency traders to protect client information and avoid conflicts of interest.

Enforcement

Interactive Brokers HK Fined for Trading System Failures

By Editors | 15/02/2018

The firm’s electronic trading system repeatedly submitted orders without regard for market liquidity and without effective price and volume controls.

Fintech / Regtech

HKMA Virtual Bank Rules – Dull, Timid Bureaucracy

By Peter Guy | 12/02/2018

Proposed virtual banks rules fail to address the true future of financial services, risking Hong Kong’s descent into irrelevancy.

Enforcement

Credit Suisse Hong Kong Fined $5mn

By Editors | 10/02/2018

Regulatory breaches include failures related to segregation of client securities, reporting of transaction, noncompliance with short selling requirements, unsuitability of investment products sold to clients.

Market Infrastructure

SFC Highlights Areas of Concern on Best Execution

By Bradley Maclean | 08/02/2018

Hong Kong SFC’s recent report on licensed corporations attitudes towards best execution practices shows there is much to be desired.

AML / KYC

Hong Kong Includes Non-Financial Entities in AML/CTF Amendments

By Garima Chitkara | 08/02/2018

Hong Kong AML/CTF rules will apply to financial transactions by non-financial entities; SFC requires licensees to screen client lists.

Capital / Liquidity

HK Gives Banking Disruptors a Chance, for $38mn

By Samuel Riding | 07/02/2018

Deputy chief of Monetary Authority also says banks cannot use ‘predatory tactics’ when competing for market share.