Hong Kong

More than 10 years ago, the adviser accepted HK$1.4m in bribes from a client, paid at a rate of 20% of portfolio gains.

The Shanghai and Shenzhen stock exchanges are consulting on rule changes that will allow Chinese investors to trade Hong Kong-listed dual-class shares via Stock Connect.

A JD Power survey has found that 65% of Singapore customers are interested in opening digital bank accounts. The survey ranked HSBC first, OCBC second and DBS third in customer satisfaction.

The HKIFA is advocating for fund documents to only be delivered to investors digitally by default, increased use of cloud for record keeping, and greater alignment with international standards.

Phase I Open APIs provide information on banking products and services. Phase II will allow banks to process applications for such products and services by end-October.

In-scope brokers are expected to implement system changes and make other arrangements needed for compliance with the new Data Standards by end-October 2020.

For USD LIBOR, HIBOR and CDOR fallbacks, respondents prefer ‘compounded setting in arrears’ for the adjusted RFR and the ‘historical mean/median approach’ for spread adjustments.

Of the 22 firms that were already suspended last August when new rules took effect, only two have so far been given the green light for their shares to resume trading.

A shares listed on the SSE Star Market will be eligible for northbound trading once relevant business and technical preparations are completed.

Effective from 1 October, new rules from HKEX will prohibit large disposals of businesses or assets by listed companies for three years following a change in control.