Banks engaged in insurance sales are expected to identify policy replacement at the point of sale and provide advice to customers on whether policy replacement is in their best interests.
The scheme will be capped at 150 bn yuan in each direction, and an individual quota of 1 mn yuan will be imposed on Greater Bay Area residents.
The two falsely represented that 14 loan applications were referred to induce the licensed lender to pay about HKD 600,000 in referral fees.
Under the coordinated resolution, Goldman will pay $606mn in disgorgement and more than $2.3bn in penalties to authorities in the US, UK, Hong Kong and Singapore.
Banks are expected to develop robust education and outreach programmes to help customers make informed decisions when assessing the options available in the transition.
The FSTB also plans to introduce bills to provide targeted tax relief for private equity funds, enable a paperless securities market in Hong Kong, and progress work on the new eMPF platform.
According to updated HKMA guidance, suspected breaches of the national security law should be treated the same as AML/CFT violations and be reported to the JFIU as STRs.
The mandatory general offer obligation under the Takeovers Code was triggered 20 times by AV Concept Holdings chairman and his concert parties.
The approval follows reports that a probe into a potential conflict of interest in the planned $35bn stock listing threatened to delay the IPO.
CMBC Capital did not make information about significant improvement in the company’s financial performance public in a timely manner.
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