Securities and Futures Appeals Tribunal says future fines will be similarly large and exceed ‘mere cost of doing business’.
Digital onboarding can help banks provide a superior customer experience, guarantee AML compliance and improve internal efficiency.
Securities and Futures Commission says Hong Kong is not ready to ban commissions and introduce a pay for advice model.
Court also rules a person’s lack of awareness they are trading on inside information doesn't mean they don't have to pay back illicit gains.
HKMA says audit functions must be separate from risk and compliance; will only allow outsourcing ‘under very limited circumstances’.
Regulator says prime brokerage a growing revenue stream for institutions as Hong Kong’s asset management, hedge fund sectors expand.
Abandoning plans for third board and allowing main board dual-class shares do nothing to support start-ups or attempts to reinvent HK economy.
Brokers will be required to use 2FA for client log-ins; implement raft of new measures including management responsibility, stress tests.
Governments to relax restrictions on cross-border business operations and boost RMB flows; cooperate further on fintech and green finance.
Decision to work together on distributed ledger, other fintech initiatives belie reputed rivalry between two financial centres.
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