Hong Kong

The proposals aim to improve market liquidity and global competitiveness of the Hong Kong market, HKEX says in a new consultation paper.

The HKMA has reportedly been investigating several Hong Kong lenders for financing large scale overseas asset purchases by Chinese conglomerates.

The SFC and an independent reviewer identified deficiencies across 14 areas of Sincere Securities’ business operations and internal controls, resulting in a fine of HK$5mn.

The CSRC cited risk management and control deficiencies as reasons for the restrictions, after a hedge fund set up by the broker reported losses of $139mn for 2018.

The new rule requires investment managers to demonstrate ‘economic substance’ in Cayman to continue operating by setting up offices, moving teams over or outsourcing activities to local firms.

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.