Hong Kong

Some NFTs have 'crossed the boundary' between a collectible and a financial asset, which would bring them under the SFC's remit and require licensing.

Finance sector legislator Chan Chun-ying said he expects the HKMA to demand detailed reports on the incident from the two banks.

Hong Kong official Christopher Hui says regulations for banks and money lenders on providing unsecured credit already cover BNPL services.

HKEX also proposes to remove the additional position limits that apply to mini-HSI and mini-HSCEI futures and options contracts.

The HKMA has given banks one year to develop their operational resilience framework, and a further three years for implementation.

Preparation for formal implementation will take about two months. ETF eligibility criteria have been published by HKEX, SSE and SZSE for consultation.

Banks and their subsidiaries have until 1 June 2023 to comply with new regulatory requirements for their trust business and related activities.

HKEX will host technical workshops and demonstration sessions in the coming months, and commence FINI user registration and on-boarding in Q4 2022.

An agreement could not be reached about a requirement for US accountants to have one year of local experience to practise in Hong Kong.

Some incentive systems used in retail banks' front offices may unintentionally push staff to prioritise business objectives over customer outcomes.