Hong Kong

HKMA Deputy Chief Howard Lee says global banks are the "best equipped" and should be taking the lead in the transition to alternative reference rates.

The APAC RegTech Network seeks to enhance cross-border collaboration on regtech education and implementation across the region.

China Merchants Securities has received a second fine this week, this time for using funds from client trust accounts for purposes not allowed under the SFC's Client Money Rules.

The SFC highlighted insufficient validation of credit rating models, inconsistencies between models and methodology, and inadequate validation of third-party models.

In its three year strategic plan unveiled earlier this year, HKEX said it would work to become a hub for the issuance and trading of ETFs in Asia.

Hong Kong's Financial Reporting Council will be able to access audit papers located in the mainland "through an effective mechanism and clear procedures".

Though the CLSA-CITIC fallout was characterised as a cultural clash, this narrative frays against the other challenges facing stock brokers and investment bankers, says Peter Guy.

China Merchants Securities was a joint sponsor with UBS – fined in March – for the 2009 IPO of China Metal Recycling, which was found to have fabricated financial information.

Trading in a Hong Kong listed company will be suspended if the auditor issues a disclaimer or adverse opinion for any financial year commencing on or after 1 September 2019.

The SFC has clarified aspects of the new disclosure obligation, but concerns remain over logistical and administrative burdens, say ASIFMA and Herbert Smith Freehills.