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Enforcement
SFC Bans CCB Asia Branch Manager for Life
By Editors | 05/01/2021
The former manager used a cashier’s order application form pre-signed by a customer to misappropriate HK$3.6mn in April 2019.
AML / KYC
Hong Kong Launches New Digital Identity Platform ‘iAM Smart’
By Manesh Samtani | 02/01/2021
The SFC, HKMA, IA and MPFA are encouraging FIs to adopt iAM Smart in their businesses for customer authentication, document signing, and remote onboarding.
AML / KYC
SFC, HKMA Offer Clarity on Product Disclosure, Suitability Obligations
By Manesh Samtani | 29/12/2020
The SFC and HKMA say firms may adopt a risk-based approach to streamline the provision of product disclosures for sophisticated or experienced investors.
AML / KYC
SFC to Require OFCs to Appoint Responsible Person for AML
By Editors | 23/12/2020
The requirement replaces an earlier proposal for OFCs to maintain a significant controllers register, which was deemed too operationally burdensome.
Enforcement
SFC Fines Fulbright Securities Over Short Selling Controls
By Editors | 23/12/2020
Fulbright Securities failed to detect and prevent illegal short selling failures in at least 93 instances over a period of at least six months.
SFC Unveils New Electronic Licensing Functions On WINGS
By Editors | 21/12/2020
The new online licensing platform marks an important milestone in the modernisation of the SFC’s gatekeeping function, said chief executive Ashley Alder.
AML / KYC
Intermediaries Should Lay Down Anti-bribery Policies: SFC
By Editors | 21/12/2020
Intermediaries should draw reference from the sample code of conduct issued by the ICAC and provide appropriate training to directors, staff members and agents.
Securities / Derivatives
SFC Consults on Amendments to Code on Pooled Retirement Funds
By Editors | 20/12/2020
Given the wide participation in Hong Kong by employers and employees in ORSO schemes which invest in PRFs, appropriate investor protection should apply.
ESG / Sustainability
Hong Kong Launches Strategic Plan for Greener Financial Ecosystem
By Manesh Samtani | 17/12/2020
A cross-agency steering group has announced a green and sustainable finance strategy for Hong Kong and five key action points.
Crypto / Digital Assets
SFC Issues First Licence to Digital Asset Trading Platform
By Editors | 16/12/2020
The licences permit OSL Digital Securities to operate regulated brokerage and automated trading services for digital assets.
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