Hong Kong

SVF licensee ePaylinks had deficiencies in its transaction monitoring and name screening systems, and failed to take enhanced measures in high risk situations.

The guidelines are intended to help audit committees adopt best practices in selecting auditors that will enhance the quality of corporate reporting.

The new framework takes effect on 1 January. A SPAC’s securities must be distributed to at least 20 institutional professional investors, down from 30 proposed during consultation.

The new platform will serve as an interface for credit providers and CRAs to share credit data, as Hong Kong prepares to introduce additional CRAs in the city.

HKMA to develop new ECF module on Green and Sustainable Finance. Steering Group to explore local taxonomy and voluntary carbon market.

In deciding the disciplinary sanction, the SFC took into account the "extensive period of time" over which the failures occurred.

As the existing list of calculation periods "will be exhausted in about one year’s time", the HKMA and SFC propose eight similar calculation periods be added to the clearing rules.

Six senior executives of Hong Kong listed companies were among those arrested, for operating a cross-border pump-and-dump manipulation scheme.

Banks have to report all outside mandates held by each director and chief executive, and address any conflicts of interest and time commitment issues.

The SFC is seeking to align Hong Kong's trading days with the mainland, add more securities to Stock Connect, and establish a cross-border carbon market.