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.
From 6 November, trading in mini and full versions of HSI and HSCEI index futures will be extended to 1am Hong Kong time.
About 40% of individuals to have registered under MIC so far are unlicensed as they are in charge of operations or control functions, SFC says.
Banking Ordinance already includes resolution, but not recovery, requirements; HKMA to retain ‘general power’ on exposure limits.
Head of enforcement says the IPO sponsors may have failed to verify data, opening the door to fraud by the listing companies.
AML/CTF regulations to be changed; banking regulator says any current absence of address verification will be seen as justified.
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