The HKMA and SFC will remove one entity that no longer conducts OTC derivatives business as its institutional services are now being provided by BofA Securities Inc, a new FSP.
Financial markets are still reeling from the regulatory implications of HSBC’s support for China’s national security law in Hong Kong, says Peter Guy.
Recent initiatives by HSBC to shift to lower-cost, digital-first services are largely seen as a response to new competition from virtual banks in Hong Kong.
The head of dealing "turned a blind eye" to internal control deficiencies in relation to third party deposits brought to her attention by its staff since 2013.
CSRC vice chairman Fang Xinghai says the launch of A-share based financial derivatives will bolster Hong Kong as an international financial centre, while also benefitting China's capital markets.
Guotai Junan Securities was fined for regulatory breaches in connection with AML, third party fund transfers, placing activities, and wash trade detection and reporting.
CICC and CICC Financial Trading - as associates of the CICC securities unit advising on certain offers - dealt in the relevant securities without making timely disclosures.
Key skill gaps in the banking workforce were identified in areas relating to technology and data, cybersecurity, core banking knowledge, regulation and compliance, and climate risk management.
Initially, 'STAGE' will host information on the 44 green bonds and two ESG-related ETFs listed in Hong Kong. Over time, it could expand to include equities, overseas products, and derivatives.
Hong Kong markets have continued to operate resiliently, due in large part to the emphasis HKEX places on risk management, says Group Risk Officer John Killian.