Securities / Derivatives

HK Accountants Body Calls for Blanket Extension to Results Deadline

12/02/2020

The SFC-HKEX decision to allow the publication of unaudited results on a case-by-case basis has “not yet fully addressed the concerns of the accounting industry”.

Securities / Derivatives

Alibaba May Be Excluded from HK-China Stock Connect – Report

12/02/2020

A decision has not yet been made to revise a previous arrangement that excludes companies with secondary listings and weighted voting rights from Stock Connect.

Fintech / Regtech

Bill Passes to Enhance ASIC’s Fintech Regulatory Sandbox

12/02/2020

Under the amendments, firms will be able to test a wider range of new financial and credit products and services without a licence from ASIC, for a longer time.

Market Infrastructure

Hong Kong Considers Reforms to Data Privacy Laws

12/02/2020

Key recommendations include higher penalties for breaches, mandatory data breach notifications, and a requirement for clear personal data retention policies.

Enforcement

Advice Remediation at Six Biggest FIs Reaches A$750m: ASIC

12/02/2020

NAB has paid over A$203mn to over 588,000 customers as compensation for non-compliant advice and fees-for-no-service misconduct.

Market Infrastructure

China Green Lights Mastercard JV to Enter Bank Card Clearing Market

12/02/2020

The approval follows a commitment from China to expedite pending licence applications from US payments providers as part of the phase one trade deal.

Securities / Derivatives

CBIRC’s New Rules for Trust Companies to Take Effect in March

11/02/2020

When the measures take effect, a $1bn asset threshold required of foreign financial institutions to hold shares in domestic trust companies will be effectively cancelled.

Fintech / Regtech

Federal Reserve Explores Feasibility of US Dollar CBDC

11/02/2020

The Fed is exploring policy and design issues, legal considerations, and financial stability and resilience implications, governor Lael Brainard says.

AML / KYC

SFC Fines BMI Securities, Suspends RO for AML Breaches

11/02/2020

The SFC has fined BMI Securities HK$3.7mn and suspended one of its responsible officers for failures to comply with AML/CFT obligations.