Hong Kong

Government close to finalising legislative framework that will enable the HKMA to set concentration limits for banks’ equity exposures.

SFC’s new professional investor rules will expand categories, amend qualification threshold starting from 13 July 2018.

The regulator fined Citigroup for due diligence and staff supervision failures relating to IPO work in 2009; no constraints placed on its business activities.

SFC’s new open-ended fund company (OFC) regime will allow investment funds to set up under corporate structures starting from 30 July 2018.

SFC bulletin highlights areas of concern the regulator considers in granting and rejecting licenses as well as updates to MIC regime; SFC also announced a forthcoming thematic review of MIC regime compliance.

James Lau said China is becoming a pioneer in setting global standards with an “open and supportive regulatory environment”; HK a “premier listing platform” for mainland enterprises.

Fitch Ratings cut its assessment of Hong Kong banks’ operating environment from A+/negative to A/stable because of growing influence of Chinese economy on the industry.

The ten key points you need to know about the SFC's consultation conclusions on changes to the Fund Manager Code of Conduct, due to be implemented in six months' time.

Eligible bond issuers can apply for a grant equivalent to half of eligible issuance expenses, including for debt origination and structuring, legal, audit, sales and distribution, up to HKD2.5mn.

Enhanced IOSCO framework enables securities regulators to obtain and share audit working papers, telephone, internet records; compel attendance at interviews; provide guidance on freezing of assets.