HPI Forex Limited transferred client money from segregated client account to two overseas brokers, breaching the Code of Conduct and the SFC’s client money rules.
A new era of smart banking in Hong Kong is anticipated to begin at the end of this year with the establishment of virtual banks. Competent players will embrace enormous opportunities to challenge the city's traditional banking model.
The regulator has launched a two-month consultation around stronger risk management standards to govern securities margin financing.
The bank was fined HK$5mn for ineffective procedures for continuous monitoring of business relationships and due diligence on pre-existing customers.
Northbound investor ID system is scheduled to be implemented on 10 September, pending market readiness and regulatory approval, and will not affect the business of existing market participants.
Under Basel III rules, banks would need to hold CET1 capital of 4.5% of RWAs, compared to the 4.5% now required of Indian banks.
HKMA, MAS, ASIC among 12 regulators seeking views from interested parties on new Global Financial Innovation Network initiative, including its role, tools and where it should prioritise activity.
HK Institute of Chartered Secretaries survey found 68% of member believe Hong Kong has been losing out on businesses because of non-transparent and onerous bank account opening processes.
Suspected margin financing arrangements involve unlicensed affiliates of licensed corporations or third parties who appear to be engaging in securities margin financing without an SFC licence in order to circumvent regulatory requirements.
Pending an update from the Basel Committee on FRTB, the SFC will assess the readiness of LCs to adopt the internal models approach for market risk based on the Basel II.5 framework.
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