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AML / KYC
SFC Issues Technical Guidance for New Reporting Regime
By Editors | 28/11/2021
A new paper introduces a pre-defined file format for OTCR submissions. Guidance on the new investor identification regime has also been released.
Enforcement
HK ICAC Charges Four for Concealing Backdoor Listing
By Editors | 28/11/2021
A retired lawmaker and his son concealed an agreement with a third party who agreed to pay them about HK$210mn for control of a listed stock.
Securities / Derivatives
Chinese, US Authorities Working to Resolve Audit Issues
By Editors | 28/11/2021
CSRC director-general Shen Bing said authorities are “working very hard” to prevent Chinese companies being delisted from US exchanges.
Enforcement
SFC Bans Two Ex-Licensees Over Use of Client Accounts
By Editors | 12/11/2021
One former representative effected discretionary trades in clients’ accounts without authorisation. The other traded his own stocks from a client’s accounts.
HK Steering Group Reaffirms Green Finance Hub Ambitions
By Editors | 07/11/2021
The Steering Group welcomed initiatives from the IFRS Foundation and IPSF, saying it will continue efforts to develop Hong Kong into a carbon trading hub.
SFC Imposes Tougher Requirements for ILAS Products
By Manesh Samtani | 04/11/2021
ILAS products should be designed fairly and deliver fair outcomes. Issuers should lower surrender charges. Product features should not be unduly complex.
Crypto / Digital Assets
Hong Kong Virtual Assets Regime Under Review: SFC
By Sanday Chongo Kabange | 03/11/2021
The SFC is considering whether licensed firms should be allowed to provide crypto trading services to clients through omnibus account arrangements, and whether to allow crypto ETFs.
Hong Kong Ends Quarantine Exemptions for Senior Finance Execs
By Editors | 03/11/2021
Listed company directors and senior financial industry executives will no longer be able to skip hotel quarantine procedures upon entry into Hong Kong.
Securities / Derivatives
Hong Kong FSDC Declares Support for Proposed SPAC Regime
By Manesh Samtani | 03/11/2021
The FSDC says requiring SPAC shares and warrants to be distributed to at least 75 professional investors could present an “unnecessarily high threshold”.
Enforcement
SFC Fines Fulbright Securities Over Internal Control Failures
By Editors | 02/11/2021
Fulbright Securities breached regulatory requirements when processing placement subscription applications for a Hong Kong-listed company in August 2018.
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