Hong Kong

Market participants who are not themselves clearing members of OTC Clear can gain access to the benefits of central clearing through existing clearing members.

Two former employees of a crude oil products supplier allegedly created fictitious sales contracts and invoices to obtain $340mn in financing from eight banks.

The sovereign growth portfolio will invest in Hong Kong-specific projects, aimed at lifting the city’s competitiveness in financial services, commerce, aviation, logistics and innovation.

The HKMA outlines four regtech use cases that support the effective implementation of AML/CFT measures at Hong Kong banks.

Starting in September, participants will be able to fully automate their current LOP reporting process, using the Secure File Transfer Protocol (SFTP) facility.

Airstar Bank commits to becoming "Everyone’s Bank", contrasting itself with conventional banking models which focus on high net-worth individuals.

The OTC derivatives licensing regime will not capture corporate treasury activities of non-financial groups, portfolio compression services, and certain portfolio management activities.

Overregulation is an issue for some fund managers in Hong Kong, but the industry is also calling for greater regulatory clarity around GBA initiatives and ESG standards, according to a KPMG-HKIFA survey report.

REITs will be given more flexibility to invest in minority-owned properties and property development projects, and borrowing limits will be increased.

Potomac misinterpreted the financial resources rules and incorrectly including aged fees receivables as liquid assets, leading to an overstatement of liquid capital.