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.
APAC’s data intensive regulatory environment is making it increasingly important for banks to adopt a strategic data framework, say Swati Kothari and Jackielou Imperial at Wolters Kluwer.
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.
HKTV’s former senior regulatory affairs manager made over HK$160,000 in profit from trading on insider information in December 2013.
The former relationship manager used incomplete application forms pre-signed by the client to effect unit trust transactions without specific authorisation.
As part of an ecosystem approach to fintech development, HKMA chief Eddie Yue wants to work with FIs, end users and technology firms to drive innovation in financial services.
The scheme will enable residents of Hong Kong and other GBA cities to invest in wealth management products in each other’s market through their respective banking systems.
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.
AFIN and FTAHK will collaborate on initiatives to support the development of financial innovations on APIX, an online marketplace and sandbox for cross-border fintech services.
New HKMA guidance for banks using big data analytics and AI applications focuses on four major areas: governance and accountability; fairness; transparency and disclosure; and data privacy and protection.