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Securities / Derivatives
Oil Volatility Prompts SFC Call for Vigilance, Contingency Plans
By Editors | 24/04/2020
Commodity futures brokers should control exposures to clients and pre-arrange for contingent funding and capital support to be available from group companies or shareholders.
Enforcement
Hong Kong Exchange Censures Ding Yi Feng Executives
By Editors | 23/04/2020
Three former non-executive directors of China Ding Yi Feng were censured for breaching the listing rules and disclosure obligations.
AML / KYC
SFC Fines BOCOM International Securities for “Serious” Breaches
By Editors | 20/04/2020
The brokerage did not have effective controls to identify third party deposits, and “extensive deficiencies” were found in its handling of margin lending and margin calls.
Securities / Derivatives
SFC Seeks Certainty on ETF Market Making Continuity
By Editors | 18/04/2020
ETF management companies should procure more than one market maker, or secure arrangements for alternative market makers to quickly step in if there is a disruption.
Securities / Derivatives
SFC Raises Concerns with Leveraged Foreign Exchange Trading
By Editors | 10/04/2020
Brokers reported that more than 60% of clients who engage in leveraged foreign exchange trading made net trading losses, some in excess of HK$1mn.
Securities / Derivatives
Hong Kong to Implement Paperless Securities Market from 2022
By Editors | 08/04/2020
Submissions to a January 2019 consultation indicate strong support for the implementation of an uncertificated securities market in Hong Kong.
Enforcement
SFC Fines HSBC Units for Cash Management Failures at Funds
By Editors | 07/04/2020
The identified concerns have all since been rectified, and the two units have agreed to pay over $430,000 into the affected funds, on top of a $451,000 fine from the SFC.
AML / KYC
Global AML, Sanctions Fines Topped $8bn in 2019: Fenergo
By Editors | 02/04/2020
Last year was the second-biggest year on record for fines against financial institutions for AML and sanctions violations, according to a new report from Fenergo.
Securities / Derivatives
SFC, Stock Exchange Issue Guidance on Holding General Meetings
By Editors | 01/04/2020
Listed issuers should consider adjourning or delaying their general meetings until at least after 11 April, when the prohibition on group gatherings has ended.
Enforcement
SFC Bans Former China Rise CEO for Naked Short Selling
By Editors | 01/04/2020
The ex-CEO was banned for 28 months for placing – and concealing – uncovered short selling orders through his personal account and a client’s discretionary account in 2014.
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