Hong Kong

Central bank chief expresses concern about growing gaps between credit and GDP, property prices and rents.

Consultation suggests it could take just six months for banks to develop APIs including their product and service information.

HK exchange looking to establish new trading rules, including rebates, simplified collateral regulations and removal of 10bp stamp duty charge.

The bank will be required to include HLA buffer in their regulatory capital calculation within 12 months of the designation.

Only two Hong Kong-listed stocks have sufficient EU volume to comply with MiFIR trading obligations.

Extensive consultation also proposes to expand risk mitigation requirements to ‘all licensed corporations’, rejects idea of regulatory threshold.

Report warns on conflicts of interest in sales practices and asset management; notes asset management sector now has more than half of all intermediaries.

Consultation covers raising of minimum capital requirement to HKD10 million, introduction of derivatives use by public funds with enhanced safeguards.

SFC investigation reveals internal control failures resulted in at least 61 regulatory breaches involving short selling, required liquid capital deficit of HKD2 billion.  

China securities regulator has issued 206 administrative penalties in 2017, more than $1bn in fines; increasing cooperation with HK SFC.