Hong Kong

Enforcement

SFC Lifts Suspension of Changjiang Corporate Finance

By Sanday Chongo Kabange | 20/08/2024

The SFC said it is satisfied that Changjiang’s sponsor business now has adequate systems, controls, policies and procedures to enable compliance.

HKMA to Create Taskforce to Handle Loan-related Complaints

By Sanday Chongo Kabange | 20/08/2024

The task force will handle complaints from SMEs that are being asked to repay their loans earlier than the agreed time.

Fintech / Regtech

HKMA Issues Guidance for Banks on Using Generative AI

By Sanday Chongo Kabange | 20/08/2024

The HKMA encourages banks to proactively explore the use of GenAI to enhance consumer protection and better tailor products to individual customers.

AML / KYC

Hong Kong Court Sets Precedent for Crypto Transparency

By Manesh Samtani | 19/08/2024

The court ordered defendants in a crypto fraud and mismanagement case to provide detailed information about their holdings and transactions.

Fintech / Regtech

Hong Kong SFC Proposes to Abolish Mixed Media Offers

By Sanday Chongo Kabange | 19/08/2024

The SFC says MMOs have become “obsolete” since the introduction of the paperless listing and subscription regime in 2021.

Fintech / Regtech

HKEX Consults on Expanding Paperless Listing Regime

By Sanday Chongo Kabange | 19/08/2024

The proposed reforms will provide securities holders with electronic options to give instructions to issuers, receive payments such as dividends, and pay subscription monies for offers.

OJK, HKMA Sign MOU to Expand Cooperation in Banking Supervision

By Editors | 16/08/2024

Indonesia’s OJK said it hopes to establish a supervisory college with the HKMA and enhance staff capacities at both regulators.

Sanctions

OFAC Unveils Fresh Sanctions Against Iranian Shipping Network

By Editors | 16/08/2024

The sanctions target companies based in the Marshall Islands, the UAE, Malaysia and Hong Kong, along with several vessels, for helping to generate revenue for the Houthis.

Capital / Liquidity

HKMA Issues Supplementary Guidance on Market Risk, CVA Risk

By Sanday Chongo Kabange | 14/08/2024

The guidance clarifies that funding swaps should typically be assigned to the trading book unless designated as hedging instruments under hedge accounting.