HONG KONG

Enforcement

SFC Commences Additional MMT Proceedings in Ding Yi Feng Case

By Sanday Chongo Kabange | 15/11/2024

Proceedings commenced in March involve manipulation that occurred between March and September 2018. The new proceedings involve manipulation from between October 2018 and March 2019.

Fintech / Regtech

HK SFC Sets Expectations on Use of GenAI Language Models

By Manesh Samtani | 14/11/2024

Licensed corporations intending to adopt GenAI language models in “high-risk use cases” are asked to discuss their plans with the SFC first.

Capital / Liquidity

HKMA Proposes Revisions to Policy Manual on Pillar 2 Capital

By Sanday Chongo Kabange | 12/11/2024

The revisions incorporate the Basel III reforms and allow Pillar 2 capital charges to be imposed for inadequate systems and controls to address climate risks.

Securities / Derivatives

Hong Kong Introduces Bill to Boost REITs, Options Markets

By Sanday Chongo Kabange | 12/11/2024

The bill will remove stamp duties payable on transfers of REITs shares or units and jobbing business of options market makers.

ESG / Sustainability

HKMA Urges Banks to Adopt and Support GreenTech

By Manesh Samtani | 11/11/2024

Carmen Chu said the HKMA will soon publish an adoption practice guide outlining how Greentech can help FIs achieve their sustainability targets.

AML / KYC

HKMA Fines Fubon Bank for Transaction Monitoring Lapses

By Sanday Chongo Kabange | 11/11/2024

HKMA said Fubon had deficiencies in the controls for transmission of transaction data from the core banking system to its transaction monitoring system.

HKMA Mandates Cooling-off Period for Unsecured Consumer Credit

By Editors | 11/11/2024

Retail banks including digital banks have until end-June 2025 to implement at least a 7-day cooling-off period for all unsecured consumer credit products.

Crypto / Digital Assets

StanChart Using Ant’s Blockchain Platform for Instant Treasury Management

By Nithya Subramanian | 08/11/2024

OCBC also signed an MoU with Ant International to use its Whale platform for enable real-time cross-border payments.

Fintech / Regtech

Interpol-led Operation Takes Down Thousands of Servers Liked to Cybercrime

By Nithya Subramanian | 07/11/2024

Hong Kong Police took more than 1,037 servers offline, while Macau Police took down 291 servers as part of Operation Synergia II.