The SFC will consult the market on the subsidiary legislation in due course to prescribe the detailed rules and implementation timetable.
Banks have an additional six months to implement the revised frameworks on credit risk, operational risk, output floor and leverage ratio. The market risk and CVA risk frameworks are also deferred.
GEO's breaches were attributable to Lun Sheung Nim's failure to discharge his duties as a responsible officer and member of the senior management.
The IMF recommends enhancing monitoring of lending to Mainland China, increasing oversight over banking groups, and regulating mortgage lending by non-banks.
The “Fintech 2025” strategy seeks the comprehensive adoption of technology in the financial sector by 2025 through a focus on five key areas.
A new MOU establishes a collaborative framework which will ultimately provide better investor protection through high quality financial reporting.
The SFC is on the lookout for funds with outsized and concentrated bets to prevent an Archegos-type event in Hong Kong.
The SFAT concluded that the former UBS banker cannot be held personally responsible for the failings of the China Metal Recycling transaction team.
Two people were arrested for using personal bank accounts to receive payments from the sale of counterfeit goods and launder money.
Dechert partner Michael Wong looks at the potential impact of Hong Kong’s newly proposed licensing regime for virtual asset service providers.
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