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Enforcement
SFC Warns Against Concealing Identities of Transacting Counterparties
By Manesh Samtani | 22/11/2019
Listed entities should disclose counterparties’ controllers and beneficial owners in corporate transactions. Asset managers should maintain effective controls to detect dubious arrangements or transactions.
Enforcement
SFC Bans Former Deutsche Securities RO for Life
By Editors | 18/11/2019
For ban follows a February 2018 conviction, where the former responsible officer was sentenced to 45 months’ imprisonment and ordered to pay HK$6.4mn to Deutsche Bank AG in restitution.
Enforcement
UBS Fined in Singapore for Pricing Deception by Advisers
By Editors | 18/11/2019
The MAS penalty follows similar action taken against UBS by the Hong Kong SFC to penalise the bank and demand compensation for clients that were overcharged over a ten-year period.
Securities / Derivatives
MAS Grants Dalian Commodity Exchange RMO Licence
By Editors | 12/11/2019
China’s Dalian Commodity Exchange has been recognised by the MAS as a market operator, allowing it to promote iron ore futures to Singapore investors.
Enforcement
UBS to Pay HK$600m in Fines and Compensation for Overcharging Clients
By Editors | 12/11/2019
The SFC reprimanded and fined UBS for overcharging clients over a ten-year period, affecting 5,000 Hong Kong-managed client accounts in over 28,000 transactions.
Enforcement
Former HKTV Staff Member Jailed for Insider Dealing
By Editors | 09/11/2019
HKTV’s former senior regulatory affairs manager made over HK$160,000 in profit from trading on insider information in December 2013.
Enforcement
SFC Bans Former HSBC Relationship Manager for One Year
By Editors | 07/11/2019
The former relationship manager used incomplete application forms pre-signed by the client to effect unit trust transactions without specific authorisation.
AML / KYC
SFC Unveils Regulatory Framework for Crypto Exchanges
By Manesh Samtani | 07/11/2019
Under the new framework, announced at Hong Kong Fintech Week, platform operators that offer trading in virtual assets classified as securities may seek Type 1 and Type 7 licences from the SFC.
Enforcement
China Forestry Liquidators File Lawsuit Against Pre-IPO Auditor
By Editors | 05/11/2019
The plaintiffs allege that KPMG “negligently failed to identify that they were the victims of a serious and pervasive false accounting by former members of executive management.”
Fintech / Regtech
SFC Issues Guidance on Outsourcing of Data Storage
By Editors | 01/11/2019
Licensed corporations must ensure cyber and operational risks are properly mitigated and that the SFC’s access to regulatory records is not restricted or otherwise undermined.
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